SBS refutes RBI regulatory purview news report

Tuesday, Feb 23, 2021 07:45 [IST]

Last Update: Tuesday, Feb 23, 2021 02:02 [IST]

SBS refutes RBI regulatory purview news report

News item has no basis at all: SBS
GANGTOK,: The State Bank of Sikkim (SBS), a State government undertaking, has refuted in its entirety a national media report which states the SBS has been placed under RBI’s regulatory purview.
The national media report of Monday, available online and circulated in social media, had claimed that the Reserve Bank of India (RBI) has brought the SBS under its regulatory purview. It added that the bank’s ownership structure will not change, but it will be regulated by the RBI on a par with other banks
In response, the SBS in a press statement said the news item has “no basis at all”.
“Government of Sikkim and the State Bank of Sikkim has received no such communication from the Reserve Bank of India or from any other sources. No such official news appears to have been issued by the Reserve Bank of India or any other authorities in their website or elsewhere. News item seems to be the handy work of some rumour monger whose only intention could be to discredit the Government of Sikkim and the State Bank of Sikkim. Bank is preparing to file an FIR against the daily and its reporter,” said the SBS.
The State undertaking pointed out that the SBS is established under the SBS Proclamation of 1968 which is an old law of Sikkim protected by the Article 371F of the Constitution of India.
“The Government of Sikkim and the State Bank of Sikkim fully understands the sanctity of the Article 371F of the Constitution of India and old laws of Sikkim, and is fully committed to keep the same protected by all means. The State Bank of Sikkim is on strong footing now and there is no threat of any kind to any of its customers,” said the SBS.

Sikkim at a Glance

  • Area: 7096 Sq Kms
  • Capital: Gangtok
  • Altitude: 5,840 ft
  • Population: 6.10 Lakhs
  • Topography: Hilly terrain elevation from 600 to over 28,509 ft above sea level
  • Climate:
  • Summer: Min- 13°C - Max 21°C
  • Winter: Min- 0.48°C - Max 13°C
  • Rainfall: 325 cms per annum
  • Language Spoken: Nepali, Bhutia, Lepcha, Tibetan, English, Hindi