Ranchi: Reserve Bank of India (RBI) is all set to open a branch in the Jharkhand’s capital city, Ranchi.

Y.V. Reddy, RBI Governor is in Ranchi on a two-day journey.

Mr. Reddy met Jharkhand’s Chief Minister, Madhu Koda on Thursday, where Mr. Koda sanctioned Reddy’s request for opening a RBI branch in Ranchi.

Mr. Koda has also declared to provide land for RBI’s branch in the region. He also promised that till the time, RBI makes its own building; the state administration would provide rented accommodation.

The state government also sought a licence to form state-level cooperative banking institutions.

While addressing news-persons, Mr. Koda said, “There are several schemes in the state and to implement those schemes, we need more commercial banks.”