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Published On: Wed, Jun 24th, 2020

Govt. Approves Ordinance To Bring 1,540 Co-op.Banks Under RBI

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RBI-2NEW DELHI : The Union government has decided to bring 1,482 urban cooperative banks and 58 multi-state cooperative banks, under the supervisory powers of the Reserve Bank of India, said I&B minister Prakash Javadekar after a meeting of the Union Cabinet earlier today.
The RBI’s powers as they apply to the scheduled banks will also apply to cooperative banks, said the minister. 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, he added.
Union Cabinet also approved establishment of Animal Husbandry Infrastructure Development Fund. He said the to bring those banks under RBI’s supervision will give an assurance to more than 8.6 crore depositors in these banks that their money amounting to Rs 4.84 lakh crore will stay safe.
The Union Cabinet has approved an ordinance in this regard and with immediate effect from the date of President’s nod on the ordinance, the co-operative banks in the country will come under the RBI’s supervision.
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 January 31, 2021.
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.

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