The upgraded sub-office of Reserve Bank of India started its functioning at Srinagar for summer session from Monday.
Besides, the Cell of Foreign Exchange Department already functional in Srinagar, the Cell of Rural Planning and Credit Department (RPCD) carved out of the Jammu Regional Office has become operational from existing premises at Rajbagh, Srinagar.
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.
The RPCD Cell will also organise financial literacy programmes across Kashmir Division to create awareness among people and achieve the goal of financial inclusion.