RBI opens Urban Banks Department at its Panaji Office

With a view to bestowing focussed attention to urban co-operative banking sector in the state of Goa, the Reserve Bank of India has decided to open an Urban Banks Department in Goa. The Department has started functioning at the Reserve Bank of India, Panaji, Goa from June 17, 2011. Its functional jurisdiction will cover the entire State of Goa. The address and contact details of the department are:

The General Manager & Officer-in-Charge
Reserve Bank of India
Urban Banks Department
3A/3B, Third Floor, Sesa Ghor
Patto, Panaji 403 001
Tel. No.:  0832-2438656, 0832-2437693
Fax No.:  0832-2438657

The Goa office of the Reserve Bank started functioning in 1983 with only Foreign Exchange Department. The department catered to the need of exporters, foreign tourists, non-residents and others in Goa. A Rural Planning and Credit Department was added to the office on April 1, 2011, to facilitate rural credit and achievement of annual credit plan by banks as well as to achieve financial inclusion in the State, by better co-ordination with State Government, banks and others. However, the supervision of Urban Co-operative banks in Goa was being carried out by the Reserve Bank™s Mumbai Office.

The Reserve Bank of India is entrusted with the responsibility of regulation and supervision of Urban Co-operative Banks under the regulatory provisions contained in the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), the Reserve Bank of India Act, 1934 and other related statutes.

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