The upgraded sub-office of Reserve Bank of India, has resumed functioning at Srinagar with effect from April 29, 2013 for summer months, in line with the Darbar movement of State government from Jammu to Srinagar.
As per a statement the bank will be providing the Cell of Foreign Exchange Department (FED) which was already functional here, the Cells of Rural Planning and Credit Department (RPCD) and Department of Banking Supervision (DBS) carved out of the Regional Office Jammu, shall function from the existing premises at Amir Manzil, 1-C, Raj Bagh, Srinagar- 190 008 (Kashmir). The sub-office will be headed by Ramesh Chand, Deputy General Manager.
It further reads, the Cell of DBS will be having supervisory control over commercial banks functioning in the Kashmir and Ladakh Divisions. It will be also carring 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 rural and urban development besides having regulatory control over the functioning of Regional Rural Banks and State and District Central Cooperative Banks operating in the Kashmir. The Cell will also monitor the performance of banks under Annual Credit Plan and implementation of poverty alleviation and employment generating government Sponsored Schemes, reads the statement.