Photographs

The Reserve Bank of India’s Central Board of Directors met today at Kolkata. Dr. D. Subbarao, Governor, Reserve Bank of India chaired the meeting. Directors Dr. Anil Kakodkar, Shri Kiran S. Karnik, Prof. M.V. Rajeev Gowda, Shri Y.H.Malegam, Prof Dipankar Gupta, Dr Najeeb Jung, Smt. Ela Bhatt, Dr. Indira Rajaraman, Shri Y.C. Deveshwar and Prof Damodar Acharya attended the meeting. Government nominee director on the Central Board Shri Arvind Mayaram, Secretary, Economic Affairs also attended the meeting. Deputy Governors Dr. K. C.Chakrabarty, Dr. Subir Gokarn, Shri Anand Sinha and Shri Harun R. Khan were also present.

The Board reviewed the current economic situation and global and domestic challenges and policy responses.

The Central Board meets at least once every quarter. Apart from holding meetings in Mumbai, Chennai, Kolkata and one in New Delhi after the Union Budget which is addressed by the Finance Minister, the rest of the meetings are held in other state capitals by rotation. The main function of the Central Board of Directors of the Reserve Bank is to provide overall direction to the Reserve Bank’s affairs.

Later, at a State Level Bankers Committee (SLBC) meeting State level issues of mutual interest were discussed. The meeting was attended by state government officials led by Dr. Amit Mitra, Finance Minister of West Bengal, CMDs of public sector banks headquartered in Kolkata and other senior bankers. The RBI team was led by the Governor and the Deputy Governors. After detailed discussions, it was agreed that banks will endeavour to achieve CD ratio of 65 per cent in the State during financial year 2012-13 and increase it further to 68 per cent in financial years 2013-14. Further, banks will endeavour to increase the CD ratio by at least 5 per cent in ten identified districts with less than 40 per cent CD ratio. These were Burdwan, Bankura, Birbhum, Hoogly, Murshidabad, Nadia, Purulia, 24 Parganas (North), 24 Parganas (South) and Paschim Midnapur.

At her meeting with the Governor held later today, the Chief Minister of West Bengal agreed to preside over a meeting of District Magistrates, bankers, Reserve Bank of India and NABARD to work out an action plan to improve the CD ratio in these districts.

It was also decided in the SLBC meeting that the State government and banks will work towards operationalising the electronic benefit transfer (EBT) on pilot basis in six districts from March 1, 2013. Banks were also advised to provide linkage to additional 1.5 lakh self help groups (SHGs) for extension of credit. Banks have already provided such a linkage to over 90,000 SHGs in Kolkata during the last year.

Ajit Prasad
Assistant General Manager

Press Release : 2012-2013/950