Formation of new districts in Madhya Pradesh – Assignment of Lead Bank Responsibility

In a significant move, the Reserve Bank of India (RBI) has addressed the formation of two new districts, Pandhurna and Maihar, in the state of Madhya Pradesh. Through Gazette Notifications dated October 5, 2023, the government officially declared the establishment of these districts. This development prompted the RBI to assign lead bank responsibilities for effective financial management and governance.

The RBI’s proactive approach in assigning lead bank responsibilities for the newly formed districts of Pandhurna and Maihar showcases a commitment to sustainable economic development. By aligning with government notifications and ensuring stability in existing districts, the RBI plays a pivotal role in shaping the financial future of Madhya Pradesh. This strategic allocation of lead banks emphasizes the importance of a robust financial infrastructure in fostering growth and prosperity at the grassroots level. As the districts evolve, the influence of these banking institutions is expected to contribute significantly to the overall economic well-being of the region.

Reserve Bank of India

RBI/2023-24/116
FIDD.CO.LBS.BC.No.14/02.08.001/2023-24

January 19, 2024

The Chairman / Managing Director & Chief Executive Officer
Lead Banks Concerned

Madam/ Dear Sir,

Formation of new districts in the State of Madhya Pradesh – Assignment of Lead Bank Responsibility

The Government of Madhya Pradesh has notified formation of two new districts, viz., Pandhurna vide Gazette Notification No. F-Rev-6-0029-2023-VII-Sec-7 dated October 5, 2023 and Maihar vide Gazette Notification No. F-Rev-6-0030-2023-VII-Sec-7 dated October 05, 2023. Accordingly, it has been decided to designate the Lead Banks of the new districts as below:

2. There is no change in the Lead Banks of the other districts in the state of Madhya Pradesh.

Yours faithfully,

(Nisha Nambiar)
Chief General Manager-in-Charge