RBI Chandigarh
RBI Chandigarh is a branch office of the Reserve Bank of India situated in Sector-17 of Chandigarh City. The jurisdiction of the office extends to the States of Punjab, Haryana, Himachal Pradesh and the Union Territory of Chandigarh. It is headed by a Regional Director of the Reserve Bank of India. Presently it is headed by Sh. Nirmal Chand, Chief General Manager.[1]
Brief history
RBI Chandigarh started functioning on October 03, 1966 with the opening of Agriculture Credit Department in a rented building in Bank Square, Sector-17B. RBI Chandigarh expanded its wings on September 1, 1978 when Exchange Control department started its operations for the benefits of exporters in this area.The bank shifted to its own new premises located on the Central vista, Sector-17 in 1988. RBI Chandigarh is celebrating its Golden Jubilee by organising a variety of programmes.
Nearby landmarks
RBI Chandigarh is situated in Sector 17-A of Chandigarh near the forested area next to Park Plaza hotel. The Senior officers' residential quarters are located at Sector-16, Near Rose Garden. The other residential staff colonies are located in Sector-30A and Sector-44B, Chandigarh.
Organisation and structure
RBI Chandigarh has the administrative control over all the currency chests functioning in the States of Punjab, Haryana, Himachal Pradesh and the UT of Chandigarh. It also has regulatory and supervisory jurisdiction over all the commercial banks, urban cooperative banks and NBFCs in these States and UT. The office of the Banking Ombudsman for this region is also located in the premises of RBI Chandigarh.
Major achievements
RBI Chandigarh was one of the first offices of Reserve Bank of India to experiment with mechanised currency verification and processing system (CVPS). Before the introduction of CVPS, banknotes in RBI were examined manually by hundreds of Coin Note Examiners. The process was tedious and prone to human error. The introduction of CVPS under the leadership of Vepa Kamesam.,[2] the then Deputy Governor of RBI formed a landmark in the Clean Note Policy of RBI.[3]