Cabinet approves to bring 1,540 cooperative banks under RBI's supervision: Prakash Javadekar

Image courtesy: Twitter/PIB

New Delhi: Union Cabinet meeting on Wednesday (June 24) approved an ordinance to bring 1,482 urban and 58 multi-state cooperative banks under the supervision power of the Reserve Bank of India (RBI). It will give an assurance to 8.6 crore depositors in these banks that their money will stay safe, said Union Minister Prakash Javdekar. 

 Addressing a media conference, Javdekar said the Cabinet meeting, chaired by Prime Minister Narendra Modi, approved a scheme for interest subvention of 2% to SHISHU loan category borrowers under Pradhan Mantri Mudra Yojana (PMMY). 

"It will be of great benefit to 9.37 crore people and the scheme will be effective from June 1, 2020, till 31 May 2021," Prakash Javdekar said. 

Other key decisions taken by the cabinet meeting today are:    

1. The Cabinet approved additional investment by ONGC Videsh Ltd. for the development of blocks A-1 and A-3 Blocks of Myanmar.

2. The Cabinet approved the declaration of Kushinagar Airport in UttarPradesh as an International Airport.

3. In another key decision, the Cabinet gave its nod to extend the 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 i.e. up to January 31, 2021.

4. The Cabinet also approved the establishment of the Animal Husbandry Infrastructure Development Fund. The government will provide 3% interest subvention to eligible beneficiaries.

5. The Cabinet also approved far-reaching reforms in the Space sector aimed at boosting private sector participation in the entire range of space activities. "This will unlock India’s potential in the space sector," said Union Minister Dr Jitendra Singh in the press meet.