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| RBI sub office functional in Srinagar | | | EARLY TIMES REPORT
Srinagar, May 16: The upgraded sub-office of Reserve Bank of India has started functioning at Srinagar for summer months with effect from May 16, 2011.
Besides the Cell of Foreign Exchange Department already functional in Srinagar, the Cells of Rural Planning and Credit Department (RPCD) and Department of Banking Supervision (DBS) carved out of the Jammu Regional Office, have started functioning from existing premises at Raj Bagh, Srinagar.
The Cell of DBS will have supervisory control over commercial banks functioning in the Kashmir and Ladakh Divisions. It will also carry out financial inspection of the banks. The Cell will also closely monitor the quality of customer services rendered by the commercial banks.
The RPCD Cell will attend to the issues pertaining to the rural/ urban development besides having regulatory control over the functioning of Regional Rural Banks and State/ Central Co-operative Banks operating in the Valley. The Cell will also monitor the performance of banks under Annual Credit Plan and implementation of poverty alleviation and employment generating Government Sponsored Schemes
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