RBI to start managing Telangana’s public debt from June 2, 2014

The Reserve Bank of India (RBI) and the newly created state Telangana have inked a pact according to which the RBI shall carry on the general banking business of the Government of Telangana, manage its rupee public debt and act as the sole agent for investment of Government’s funds. The agreement is consistent to the Andhra Pradesh Reorganisation Act, 2014.

The Andhra Pradesh Reorganisation Bill 2014, which received Parliament’s approval February 20, 2014, got the Presidential assent in March 2014 and paved the way for the formation of 29th state of India by bifurcating Andhra Pradesh.

The remaining Andhra Pradesh will have 13 districts while Telangana will have 10 districts, including Hyderabad city.

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