The Central Board of Directors of the Reserve Bank of India met today at Srinagar. Dr. D. Subbarao, Governor, Reserve Bank of India chaired the meeting. Directors, Shri Kiran Karnik, Prof. M. V. Rajeev Gowda, Shri Y.H. Malegam, Prof. Dipankar Gupta, Dr. Najeeb Jung, Dr. Indira Rajaraman, Prof. Damodar Acharya attended the meeting. Government nominee director on the Central Board Shri Arvind Mayaram, Secretary, Economic Affairs and Shri Rajiv Takru, Secretary, Department of Financial Services also attended the meeting. Deputy Governors Dr. K.C. Chakrabarty, Shri Anand Sinha, Shri H. R. Khan and Dr. Urjit R. Patel 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.

Prior to the Board Meeting, on May 8, 2013, the Governor met the Chief Minister of Jammu & Kashmir, Shri Omar Abdullah and discussed issues primarily on enhancing CD ratio in the State, the urgent need for legislating SARFAESI Act and other social and economic developments in the State.

Earlier on the day, Dr. Subbarao, Governor, Reserve Bank of India also had a courtesy call on the, Shri N.N. Vohra, Hon’ble Governor, Jammu & Kashmir.

Later, at the special State Level Bankers Committee (SLBC) meeting also held at Sher-i-Kashmir International Convention Centre (SKICC), the Governor and the Deputy Governors met the State Government officials. The State Government team was led by Shri Omar Abdullah, Chief Minister of Jammu & Kashmir. Senior officers of banks and NABARD were also present at this meeting. Major decisions taken in the meeting were:

• Banks are to enhance the CD ratio in the state from 36% to 40% by March 31, 2014
• The State Government to legislate the SARFAESI Act in the State
• State Government and banks to take up Electronic Benefit Transfer (EBT) on a pilot basis starting with select Government Departments and targeting around 5 districts. The plan so is implemented by August 15, 2013.
• Banks to take active role in skill development for horticulture and other social activities in the State.

R. R. Sinha

Deputy General Manager

Press Release : 2012-2013/1867

Financial infrastructure reforms: coordinated measures to raise credit outreach and implement electronic benefit transfers across the state. The Central Board directed coordinated action to strengthen credit delivery and financial infrastructure by raising the CD ratio, requiring the State to enact the SARFAESI Act, mobilising banks for skill development, and implementing pilot Electronic Benefit Transfer schemes in selected districts under joint State-bank oversight.