RBI pushes for financial inclusion in Sikkim

Microfinance Focus, Oct. 5, 2009: RBI governor D.Subbarao, in his recent visit to Sikkim, has spurred the state to move in and fill the gap in financial inclusion.
The RBI governor was in Sikkim to chair a meeting of the Reserve Bank of India’s Central Board of Directors which was held on Oct. 1 in Gangtok to review key economic, monetary and financial developments.  Subbarao met Sikkim Chief Minister Pawan Chamling and other senior State officials and bankers in the State.
The meting focused on strengthening the functioning of State Level Bankers Committee (SLBC) with high level participation from the State Government. The commercial banks and the State Cooperative Bank of Sikkim have agreed to open new branches in most of the unbanked blocks in the State using IT-enabled banking services and through Banking Correspondents in the remaining blocks to extend banking services to promote financial inclusion.
The Chief Minister, in his meeting with the Governor, had expressed the need for opening at least one currency chest in every district headquarters, one branch in all unbanked blocks and enhancing credit flow in the State.
The Governor has also announced the opening of a Sub-Office of the Reserve Bank at Gangtok within three months.

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