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RBI lifts ban on Manipur fund transactions

The development comes hours after Chief Minister N Biren Singh said that the overdraft was neutralised and restrictions on the financial transactions by the top central bank would be lifted soon.

Written by Jimmy Leivon | Imphal |
Updated: June 21, 2019 10:33:43 pm
manipur fund crisis, manipur financial crisis, rbi ban on manipur govt, rbi ban on manipur funds, biren singh, n biren singh, rbi lifts ban on manipur govt, manipur news Manipur Chief Minister N Biren Singh.

The Reserve Bank of India (RBI) Friday lifted the ban imposed on fund transactions by the Manipur government due to an overdraft. The development comes hours after Chief Minister N Biren Singh said that the overdraft was neutralised and restrictions on the financial transactions by the top central bank would be lifted soon.

On Thursday, the Chief Minister had announced that the Finance Ministry agreed to raise the open market borrowing for Manipur till Rs 795 crore. Singh had also said that as an immediate relief to overcome the draft, which had reached Rs 315 crore on Thursday, the state will borrow Rs 400 crore.

While making the announcement during Yoga Day celebrations today, Singh said the government can earn the trust of its people if there is unity, sincerity and transparency in governance. “Trust is the most important component so as to have peace and tranquillity amongst the communities”, he said.

The top bank later informed the state secretary that the ban on the withdrawal of funds was lifted after the state government cleared the overdraft.

On June 12, assistant general manager of RBI, Anita Kumari, had ordered the State Bank of India to stop all payment to the Manipur government as the latter had withdrawn funds in excess to pre-determined arrangements. The state government later put on hold the recruitment process undertaken by any departments.

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