The Reserve Bank of India (RBI) will not be far behind in establishing its office in Vijayawada, provided all modalities pertaining to the capital and other issues are finalised, RBI General Manager (Department of Non-Banking Supervision) Suvendu Pati said.

“In fact, this proposal was discussed with RBI Governor Raghuram Rajan during his visit to Hyderabad in October last. However, it is still premature to discuss more on this aspect,” said Mr. Pati while addressing at a seminar on ‘NBFC Regulations – An overview and role of CA’s’ organised by the Institute of Chartered Accountants of India, Vijayawada branch.

He said chartered accountants owed a lot to society. “They [CAs] are the extended arms of the RBI and partners in regulation. The RBI expects them to work without any bias and strive on truthful reporting,” he added.

Mr. Pati said the region had already attained political significance, and it would attain more economic importance and flourish in terms of business prospects.

He said the RBI would organise awareness programmes for the general public and companies in association with local organisations in the coming days.

Later, installation of new office bearers of ICAI Vijayawada branch for the year 2015-16 was also held on the occasion. Srinivas Agnihotram and Sreenivasa Rao Godavarthi were elected chairman and secretary respectively.

Mr. Godavarthi said the ICAI Vijayawada branch was working on setting up a library for chartered accountancy students at a cost of Rs. 15 lakh in the city. “Students could utilise the air-conditioned library facilities for free from 6 a.m. to 9 p.m. Another digital library centre with case laws is being planned for branch members at a cost of Rs. 2 lakh,” he added.