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Telengana affairs to be managed by RBI

img_0039The newly formed state of Telengana has entrusted the task of general business and managing public debt to the Reserve Bank of India. The state and the central bank have signed an agreement to this effect. Under the agreement, which shall be effective from 2 June 2014, the RBI shall carry on the general banking business of the government, manage its rupee public debt and act as the sole agent for investment of government’s funds, a statement by RBI said. The agreement is pursuant to the Andhra Pradesh Reorganisation Act, 2014. There will be 13 districts in residuary Andhra Pradesh while Telangana will have 10 districts, including Hyderabad city.

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