The Union Cabinet on Wednesday brought in an ordinance to bring all 1,540 government banks including 1482 urban cooperative banks and 58 multi-state cooperative banks under the supervisory powers of the Reserve Bank of India (RBI).
Union minister Prakash Javadekar said that the RBI’s powers will apply for cooperative banks as well. He also announced that the Union Cabinet has approved 2 per cent interest subvention to Shishu loan category borrowers under the PM Mudra Yojna.
Here are the major decisions made by the Modi government during the Union Cabinet meeting today:
1. 1482 Urban Co-operative Banks (UCBs) and 58 Multi-State Co-operative Banks to be brought under the governance of the Reserve Bank of India (RBI). The move will impact about 8.6 crore depositors in these banks by safeguarding their money amounting to Rs 4.84 lakh crore. Ordinance approved by president with immediate effect.
2. Cabinet approved a scheme for interest subvention of 2% to Shishu loan category borrowers under Pradhan Mantri Mudra Yojana for a period of 12 months to eligible borrowers.
3. Government approves establishment of Animal Husbandry Infrastructure Development Fund worth Rs 15,000 crore. The government will provide 3% interest subvention to eligible beneficiaries.
4. Additional investment of 990 crore by ONGC Videsh Ltd. approved for development of blocks A-1 and A-3 Blocks of Myanmar
5. Cabinet approves the extension of tenure of the Commission constituted under Article 340 of the constitution to examine the issue of sub-categorization within Other Backward Classes, by 6 months upto 31.1.2021.
6. National Space Promotion and Authorization Centre (IN-SPACe) approved to provide a level playing field for private companies to use Indian space infrastructure. It will also hand-hold, promote and guide the private industries in space activities
7. Modi government approves declaration of Kushinagar Airport in Uttar Pradesh as an international airport