The Reserve Bank of India, in its recent circular RBI/2023-24/89, has addressed the formation of a new district, Mauganj, in the state of Madhya Pradesh. The circular, dated December 18, 2023, outlines the significant decision to assign the Lead Bank responsibility for Mauganj and provides essential details on this development.
The Government of Madhya Pradesh formally notified the creation of Mauganj through Gazette Notification No. F-Rev-6-0006-2023-VII-Sec-7 on August 13, 2023. In response to this administrative change, the RBI has decided to designate Union Bank of India as the Lead Bank for Mauganj.
The assignment of Lead Bank responsibility is a crucial aspect of financial governance, as the Lead Bank plays a pivotal role in coordinating and facilitating banking services in the district. The District Working Code allotted to Mauganj is 02N, with specific instructions on pronunciation—‘numeral zero, numeral two, alphabet N.’
It’s noteworthy that while Mauganj experiences this transition, there is no alteration in the Lead Banks for other districts within the state of Madhya Pradesh. The continuity in Lead Bank assignments for existing districts ensures stability and a seamless flow of financial services.
Conclusion: In conclusion, the RBI’s decision to assign Union Bank of India as the Lead Bank for Mauganj reflects the regulatory body’s proactive approach to adapt to administrative changes. This move aligns with the objective of ensuring efficient financial services in newly formed districts, contributing to economic development. The continuity in Lead Bank assignments for other districts underscores the RBI’s commitment to maintaining financial stability across the state of Madhya Pradesh. As Mauganj steps into its new administrative role, the collaboration with Union Bank of India is poised to shape the financial landscape of this emerging district.
RELATED RBI CIRCULAR IS AS FOLLOWS:
Reserve Bank of India
RBI/2023-24/89
FIDD.CO.LBS.BC.No. 12/02.08.001/2023-24
Dated: December 18, 2023
The Chairman / Managing Director & Chief Executive Officer Lead Banks Concerned
Madam/ Dear Sir,
Formation of new district Mauganj in the State of Madhya Pradesh – Assignment of Lead Bank Responsibility
The Government of Madhya Pradesh has notified formation of a new district, viz., Mauganj in the state of Madhya Pradesh vide Gazette Notification No. F-Rev-6-0006-2023-VII-Sec-7 dated August 13, 2023. Accordingly, it has been decided to designate the Lead Bank of the new district as below:
|
Sr No |
Newly Created District | Lead Bank Responsibility assigned to |
District Working Code allotted to new district |
| 1 | Mauganj | Union Bank of India | 02N
(to be read as ‘numeral zero, numeral two, alphabet N’) |
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
