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State Bank of Sikkim under RBI
February 25 , 2021
1244 days
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- RBI has brought State Bank of Sikkim under its regulatory purview.
- It was not regulated by Reserve Bank of India unlike other banks till now.
- Till now, RBI had the right and obligation to function as banker to all the state government except for the state government of Sikkim.
- Now the bank will be regulated by the RBI on a par with other banks
- However, the bank’s ownership structure will not change.
State Bank of Sikkim
- It was established in 1968, as an autonomous body.
- It was wholly owned by Government of Sikkim.
- It was established under the State Bank of Sikkim Proclamation 1968.
- The bank provides treasury operations for the state government.
- It operates only within the jurisdiction of Sikkim.
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