Mumbai, November 16 (MExN): The State Bank of India (SBI) has been assigned as the Lead Bank Responsibility for the newly created Noklak district of Nagaland by the Reserve Bank of India.
This was stated in a circular from theRBI ‘s Chief General Manager-in-Charge, Gautam Prasad Borah t to the Chairmen / Managing Directors & Chief Executive Officers All Lead Banks on November 13.
The District Working Code of the new district has also been allotted as 00P (read as zero zero P) for the purpose of BSR reporting by bank, it said.
There is no change in the lead bank responsibilities of the erstwhile district and of other districts in the State of Nagaland, the circular informed.
It was assigned after the Government of Nagaland vide Gazette Notification dated December 21, 2017 notified the formation of new district in the State followed by related notifications dated July 10, 2020 and July 30, 2020, it added.
The Lead Bank Scheme was introduced by the RBI in December 1969 to coordinate the activities of banks and other developmental agencies through various fora in order to achieve the objective of enhancing the flow of bank finance to the priority sector and other sectors and to promote banks' role in the overall development of the rural sector.
For coordinating the activities in the district, a particular bank is assigned ‘Lead Bank’ responsibility of the district and it is expected to assume a leadership role for coordinating the efforts of the credit institutions and the Government, as per a RBI note.
