RBI Kochi

RBI Kochi is a currency chest office of the Reserve Bank of India situated in Ernakulam city of Kerala. The jurisdiction of the office extends to the State of Kerala. It is headed by a General Manager of the Reserve Bank of India, designated as the Officer in Charge. Presently Shri U Chiranjeevi is the officer-in-charge.^[1]

Brief history

RBI Kochi started functioning on 1 November 1970. Initially it was housed in a rented building with only two departments, Exchange Control Department (ECD) and Department of Economic Analysis & Policy (DEAP). In October 1990, it shifted to its present location. In September 2002, the office established its own currency chest. On 9 September 2002, a "permanent" coin and currency exchange counter was opened at RBI Kochi.^[2]

Nearby landmarks

RBI Kochi is situated at Lissie Junction near the Ernakulam North railway station. The officers' residential quarters are also located inside the office premises.

Organisation and structure

RBI Kochi is a small organization with about 100 staff members. Besides the currency chest, which feeds banknotes and coins to the commercial banks in the locality, RBI Kochi also has a Foreign Exchange Department (FED), which regulates all the authorized dealers in foreign exchange in the State of Kerala and UT of Lakshadweep. The office also has a Department for Economic Policy Research (DEPR), which conducts various economic and statistical surveys in the State of Kerala.

Major achievements

RBI Kochi played a significant role in the achievement of 100 percent Meaningful Financial Inclusion in the Ernakulam district of Kerala. Under the stewardship of the then RBI Governor Dr D Subbarao, Ernakulam became the first ever district in India to achieve this distinction.^[3] In June 2012, RBI Kochi was equipped with five-layer security cover as per the model of the famous Padmanabhaswamy Temple in Thiruvananthapuram. The first of its kind security cover was due to the perceived threat to its currency chest.^[4]

Currency management

RBI Kochi used to have public counters in its banking hall to dispense banknotes and coins to the public. However, this facility was withdrawn with effect from 1 January 2013.^[5]

Closure of RBI Kochi

Reserve Bank of India had planned to set up a Currency Transit Centre at RBI Kochi to smoothen the supply and distribution of banknotes and coins in the State of Kerala. However, the plan was put in cold storage following the decision to close down public counters from RBI offices. The staff strength of RBI Kochi has come down from 206 in 1991 to just over 100 in 2012. There have been rumours regarding closure of RBI Kochi office, which has resulted in frequent employee unrest.^[6] The decision also elicited sporadic protests from various business groups.^[7]

References