The Union Cabinet meeting was held on Wednesday. Many decisions for public welfare has taken 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 the Shishu loan given under the Mudra loan.
Decisions of Cabinet
1. A discount of 2% will be given in the interest rates of Shishu Loan This will benefit 9.37 crore people.
2. The 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 at an International Airport. This will increase tourism in the Mercury circuit.
4. OBC Commission's tenure 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 the backward class sub-category.
5. Animal Husbandry Development Fund has been approved to enhance animal husbandry infrastructure. Under this, the government will give an interest rebate of 3% to the borrowers.
6. Space Research Centers were approved to open the 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.
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.
During this Covid19 there are a lot of changes taken for government wellness. These situations somehow help people to fight and re-built the economy of the nation.
The 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
