RBI plans to set up regional office in Visakhapatnam, submits proposal to AP Govt

A few days after Andhra Pradesh Chief Minister YS Jagan Mohan Reddy announced in Delhi that Visakhapatnam would soon be made the state capital, the Reserve Bank of India (RBI) has expressed interest in setting up its regional office in the city. According to a report, the apex bank officials have submitted a plan asking for a space of 30,000 sq ft within the city limits. It is recalled that the AP Government has been sharing the regional office with the Telangana Government in Hyderabad since the state bifurcation.

This decision by the Reserve Bank of India (RBI) to set up a regional office in Visakhapatnam comes as a solution to house all the AP-related transactions within the state. The lack of a regional HQ has given rise to a need for the AP Government officials to travel to Hyderabad to attend any RBI meetings and vice-versa.

According to a report, the RBI has mentioned in its proposal that it would require the land on lease for a period of ten years. Further details regarding the location of the proposed regional office and the date of launching the project are expected to be revealed soon.

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