Agreement with Government of Jammu & Kashmir
By RBIFriday, January 21, 2011
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The Reserve Bank of India has entered into a Supplementary Agreement under Section 21A of the Reserve Bank of India Act, 1934 with the Government of Jammu & Kashmir. Under the agreement, which shall be effective from April 1, 2011, the Reserve Bank of India shall carry on the general banking business of the Government of Jammu & Kashmir and act as the sole agent for investment of Government’s funds. On the recommendation of the State Government, the Reserve Bank of India has entered into an agreement with J&K Bank Ltd. whereby J&K Bank would act as an agent of the Reserve Bank of India, for conduct of general banking business of the State Government.
The Reserve Bank of India has already been acting as a debt manager to the Government of Jammu & Kashmir pursuant to an agreement entered into with the State Government under Section 21 A of the Reserve Bank of India Act, 1934, with effect from September 1, 1972. R. R. Sinha Press Release : 2010-2011/1051 |
