Bhutan's central bank governor visits Bank of Maharashtra

The governor of Royal Monetary Authority of Bhutan, Daw Tenzin, said that 80% of monetary transactions in Bhutan is in Indian currency.

He was addressing the top officials of the Bank of Maharashtra (BoM) at its head office in Pune on Friday. He was on a short visit to India en route to Bhutan. MG Sanghvi, executive director, BoM, received the distinguished guest at Lokmangal, the bank’s headquarters in Shivajinagar, Pune.

Tenzin expressed his happiness about the Indian economy’s growth as Bhutan’s economy is entirely dependent on it.
He acknowledged that the Indian banking system had shown its resilience during the recent global meltdown.

He said that India has potential to grow further as it has huge human capital most of which is constituted by the younger generation. Stating that Indian banks are strong, Tenzin said that Bhutan is able to make its domestic payment systems more efficient with the help of the Reserve Bank of India (RBI).

The governor said, maintaining the growth while containing the inflation is the present challenge to any economy and RBI has managed to do so ably.

He desired that as India is contributing to the world economy, though as a large importer, a day should come for the rupee to earn its place in the global economic system.

Tenzin later visited the BoM’s rural development centre in Hadapsar and Mahabank Self Employment Training Institute (M-SETI), Hadapsar and interacted with its staff and trainees.