Mumbai: The Reserve Bank has assigned the lead bank responsibility to Punjab National Bank (PNB) for the newly-created district of Meghalaya.

The Meghalaya government in a notification on November 9, 2021, had informed about formation of a new district, Eastern West Khasi Hills.

It has been decided to assign the lead bank responsibility of the new district to Punjab National Bank (PNB), Reserve Bank of India (RBI) said in a notification on Wednesday.

The newly-created district has been carved out from the erstwhile West Khasi Hills district, it said.

The allotted district working code for Eastern West Khasi Hills is 00U.

“There is no change in the lead bank responsibilities of the erstwhile district and of other districts in the State of Meghalaya,” the notification said.

A lead bank has the responsibility of coordinating efforts of all credit institutions in the allotted district to increase flow of credit to agriculture, small scale industries and other economic activities included in the priority sector in rural and semi-urban areas.

A bank having a relatively large network of branches in rural areas of a district with adequate financial and manpower resources is generally given the lead bank responsibility for that district.

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