Government takes big step to secure customers’ money in cooperative banks
New Delhi: After the Coronavirus lockdown, the central government has decided to bring 1540 cooperative banks under RBI after 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.
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.
