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RBI to start Forex facility along Bangladesh border
May, 31st 2008

RBI would soon set up banks with foreign exchange facility along the Bangladesh border to help Indian exporters and check circulation of counterfeit Indian currency.

Officials here said the decision was taken during a meeting between RBI Governor YV Reddy and Meghalaya chief minister Donkupar Roy last evening.

The introduction of foreign exchange would help businessmen and exporters on issues like basic money exchange and letter of credit, Meghalaya chief secretary Ranjan Chatterjee said.

Chatterjee said at least four such banks would be set up along the Indo-Bangla border, with the RBI agreeing to help the state government in fighting the menace of fake currency.

During the meeting, the Meghalaya Government is also learnt to have stressed the need to increase credit facility, particularly in rural areas.

Meanwhile, the Punjab National Bank has proposed to set up a Farmers Training College in the state with assiatance from NABARD.

Official sources said NEDFI and NABARD would also sponsor Rural Development and Self Employment Training Institute in Meghalaya soon.

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