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Narendra Modi Cabinet Meeting Update | Coronavirus In India News Updates Union Cabinet Meeting Today; All You Need To Know | Ordinance will be brought to bring co-operative banks under RBI, 2% relaxation in interest on Shishu loan

By Shivani Kapoor - June 24, 2020

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  • Decision to bring 1540 cooperative banks under RBI to address concerns of 8.6 crore customers
  • The tenure of the OBC commission was extended by 6 months, the commission will now be able to report by 31 January 2021

Daily newspaper

Jun 24, 2020, 07:32 PM IST

new Delhi. Several decisions were taken in the cabinet meeting on Wednesday. Co-operative banks will be brought under the purview of RBI. For this, the cabinet decided to bring an ordinance. Union Minister Prakash Javadekar said that a 2% discount will be given in the interest rates of Shishu loan given under Mudra loan.

Cabinet decisions
1. A discount of 2% will be given in the interest rates of Shishu Loan. This will benefit 9.37 crore people.

2. Ordinance will be introduced to put cooperative banks under RBI. This decision was taken to address the concerns of the account holders.

3. Uttar Pradesh's Kushinagar Airport will be made an International Airport. This will increase tourism in the Mercury circuit.

4. The tenure of the OBC commission has been extended by 6 months. Now the OBC Commission can report by 31 January 2021. The commission will get more time to investigate the case of backward class sub-category.

5. The Animal Husbandry Development Fund has been approved to enhance animal husbandry infrastructure. Under this, the government will give interest rebate of 3% to the borrowers.

6. Space Research Centers were approved to open private sector. A new institute will be created for this. It will be named Indian National Space, Promotion and Authorization Center. This institute will help private companies in space activities.

Why the decision to bring cooperative banks under the ambit of RBI?
Javadekar said that 1,482 urban co-operative banks and 58 multi-state co-operative banks will be brought under the purview of RBI. This will remove the worries of 8.6 crore account holders. Customers have deposits of Rs 4.84 lakh crore in co-operative (cooperative) banks.

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Shivani Kapoor