Government Takes Big Step to Secure Customers’ Money in Cooperative Banks- Now RBI will Monitor

After the cabinet meeting, Union Minister Prakash Javadekar said – now 1,540 cooperative banks will come under RBI

Many decisions taken in the cabinet meeting chaired by PM Modi.

After the Coronavirus lockdown, the central government has decided to bring 1540 cooperative banks under RBI, taking a big decision on the economic conditions of the country. After the cabinet meeting led by Prime Minister Narendra Modi, Union Minister Prakash Javadekar said, ‘Now 1,540 cooperative banks will come under RBI. These include 1482 urban cooperative banks and 58 multi-state cooperative banks. These public sector banks are now being brought under the supervisory powers of the Reserve Bank of India (RBI); The powers of RBI, as applicable to scheduled banks, will also apply to cooperative banks. The Union Minister also informed that it has been decided to reduce the interest rate on Mudra Shishu Loan by 2 percent.

Apart from this, the Union Cabinet has also decided to extend the tenure of the Commission which was formed under Article 340 of the Constitution to examine the issue of sub-classification within the Other Backward Classes. The Union Minister said that the Commission was tasked to make various recommendations related to other backward classes. But this work was affected due to Corona virus outbreak. Now the tenure of this commission will be till 31 January 2021.

At the same time, the cabinet took some more important decisions, one of which will be the start of international flight service from UP Kushinagar. At the same time, 900 crore will be invested on the gas block in Myanmar. Along with this, the Union Cabinet approved an infrastructure fund of Rs 15,000 crore to promote dairy, poultry and meat processing.

On the question related to cyber attack by China, Union Minister Javadekar said that the Ministry of Defense and Foreign Affairs can tell this very well.

On the rising prices of diesel in the country, the Union Minister said, ‘Today’s press talk is about the decisions of the cabinet. I will talk to you on this subject when I meet you.

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