Categories: News/City Updates

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.

Stay tuned to Yo! Vizag website and Instagram for more city updates.

Leave a Comment

Recent Posts

Vizag Navy day celebrations: Updated traffic guidelines for 8 and 10 December

The Cyclone Michaung took over the city the last couple of the days. Navy Celebrations,…

14 hours ago

Vizag: Police raid another residence in Achayyammapeta, seize 214 KG of Ganja

In a sensational bust executed by the Vizag police, a raid was conducted at a…

14 hours ago

7 Web series released on OTT this week of December to binge on a chilly weekend

With the colder season making us all feel cozy and comfortable, we would not mind…

17 hours ago

Vizag: Traffic Police draft instructions for Mary Matha festival on 8 December 2023

Mary Matha Festival in Vizag is celebrated annually to commemorate communal harmony and peace. The…

21 hours ago

Vizag: Accused sentenced to 5 years of imprisonment and a fine of 2000 for an attempt to murder

In a shocking incident involving an attempt to murder on an individual, the Vizag district…

22 hours ago

Vizag: Atul Khatri special ‘Daddy Kool’ standup comedy live show on 9 December

Looking for a quality source of entertainment this weekend? Bored of watching movies or just…

2 days ago