What changed
The Government of Madhya Pradesh created a new district called Mauganj in August 2023. RBI has now designated Union Bank of India as the Lead Bank for this district, assigning it the working code '02N'.
What it means for you
Union Bank of India will now coordinate banking development and financial inclusion efforts in Mauganj district. Other banks operating in the district will need to align with Union Bank's lead bank plans. This is a routine administrative update that does not affect lead bank arrangements elsewhere in Madhya Pradesh.
What you must do
- If you are Union Bank of India, prepare to take on lead bank responsibilities for Mauganj district, including convening district-level review meetings.
- All banks with branches in Mauganj should update their internal records with the new district working code '02N'.
- Review any existing lead bank-related reporting or coordination to ensure Mauganj is now treated as a separate district.
Who it affects
Union Bank of India (new Lead Bank for Mauganj), All banks with branches in Mauganj district, Madhya Pradesh, RBI's Financial Inclusion and Development Department (FIDD)
What is the new district working code for Mauganj?
The working code assigned to Mauganj district is '02N', which should be read as numeral zero, numeral two, alphabet N.
Does this change affect lead banks for other districts in Madhya Pradesh?
No, the RBI circular explicitly states there is no change in the Lead Banks of other districts in the state.