The Central Govt has decided to bring 1,482 urban cooperative banks and 58 multi-state cooperative banks, under the supervisory powers of the RBI, said I&B minister Prakash Javadekar after a meeting of the Union Cabinet earlier today.
Javadekar said that the Reserve Bank of India’s powers as they apply to the scheduled banks will also apply to cooperative banks.
Union Govt will bring an ordinance to put cooperative banks under RBI supervision, announced Javadekar.
The Minister added that the decision to bring 1,540 cooperative banks under RBI’s supervision will give an assurance to more than 86 million depositors in these banks that their money amounting to Rs 4.84 trillion will stay safe.
Union Cabinet also approved the establishment of Animal Husbandry Infrastructure Development Fund. The Union Govt will provide 3 per cent interest subvention to eligible beneficiaries, announded Union Minister Giriraj Singh
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Today’s meeting of the Union Cabinet also saw approval being granted to the extension of tenure of the Commission constituted under Article 340 of the constitution to examine the issue of sub-categorisation within Other Backward Classes, by 6 months – upto Jan 31, 2021.
On Wednesday, the Govt decided to provide 2% interest subvention to borrowers under the ‘Shishu’ category of the flagship Pradhan Mantri MUDRA Yojana (PMMY).
Under the Shishu category, collateral free loans of up to Rs 50,000 are given to beneficiaries.
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The Union Cabinet approved the scheme for interest subvention of 2% to Shishu loan category borrowers under PMMY, outstanding as on March 31, 2020, for a period of twelve months to eligible borrowers, Information & Broadcasting Minister Prakash Javadekar said.
The PMMY was launched by PM Modi on April 8, 2015, for providing loans up to 10 lakh to non-corporate, non-farm small/micro enterprises.
These loans are classified as MUDRA loans under PMMY. These loans are given by commercial banks, RRBs, small finance banks, MFIs & NBFCs.
The I&B minister also said that the Union Cabinet has approved the declaration of Kushinagar Airport in Uttar Pradesh as an international airport.
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