State Bank of Sikkim comes under Reserve Bank of India’s regulatory purview

I had blogged about how State Bank of Sikkim remains outside of purview of RBI.

So much so, SBS operates as a quasi central bank cum commercial bank for State of Sikkim.

The State Bank of Sikkim was established in the year 1968 and has a total of 42 branch offices and 3 Revenue Counters, thereby aggregating to a total of 45 branch locations spread all over Sikkim which inclues Head Office. The Bank is headquartered in the State Capital of Sikkim, Gangtok. The Bank is an autonomous body under the Government of Sikkim. The Bank operates within the jurisdiction of the State of Sikkim and is responsible to handle the treasury function of the State as well. The branches of the bank are now on CBS platform. The Bank is headed by the Board of Directors and Managing Director of the Bank is the Chief Executive. Constituted in the pre-merger era, State Bank of Sikkim is celebrating its Golden Jubilee Year 1968-2018 as a mark of completion of 50 years to be completed in September 2018. From the very inception till date, the Bank has always strived and has been successful in becoming the partner in overall development works of the State.

Now SBS is being brought under RBI.