RBI opens its regional office in Vijayawada
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Vijayawada: Over a decade after the bifurcation of the state, Reserve Bank of India has opened its regional office in Andhra Pradesh. RBI deputy governor T Rabi Sankar formally inaugurated the office in the city on Monday.
The office will be headed by regional director Attah Omar Basheer. However, the currency operations of AP will continue to be handled by the RBI's regional office in Hyderabad, which handles the operations of both AP and Telangana.
RBI's regional office in AP will function with departments catering to integrated banking, financial inclusion and development, foreign exchange, and supervision. The human resource management dept, centralised establishment section, Rajbhasha cell, audit budget and control cell, information technology cell, and protocol and security establishment too will be functioning from Vijayawada.
RBI will soon construct its own building in Amaravati. The state govt has already spared land in the capital city for the central bank's permanent regional office. The previous YSRCP govt prevailed upon RBI to set up its regional office in Visakhapatnam. However, it has made a retreat after the TDP-led NDA returned to power in the 2024 general elections. In fact, RBI delayed its decision to relocate to AP due to the change of policies with regard to capital city in the last one decade.
With the state govt finally putting Amaravati works on the fast track, RBI decided to open its regional office in the state.
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