Many important decisions were taken in the Union Cabinet meeting chaired by Prime Minister Narendra Modi. The event took place at the Prime Minister’s residence at 7 Lok Kalyan Marg, Delhi. The government announced an exemption in interest on child loans to be given under the Mudra Loan Scheme, and also extended the OBC commission period. Union Minister Prakash Javadekar gave information about important decisions taken in the meeting.
Key Decisions in Union Cabinet Meet
- 1482 Urban Co-operative Banks (UCBs) and 58 Multi-State Co-operative Banks to be brought under the governance of the Reserve Bank of India (RBI). The move will impact about 8.6 crore depositors in these banks by safeguarding their money amounting to Rs 4.84 lakh crore. Ordinance approved by president with immediate effect.
- Cabinet approved a scheme for interest subvention of 2% to Shishu loan category borrowers under Pradhan Mantri Mudra Yojana for a period of 12 months to eligible borrowers.
- Government approves establishment of Animal Husbandry Infrastructure Development Fund worth Rs 15,000 crore. The government will provide 3% interest subvention to eligible beneficiaries.
- Cabinet approves the extension of tenure of the Commission constituted under Article 340 of the constitution to examine the issue of sub-categorization within Other Backward Classes, by 6 months upto 31.1.2021.
- National Space Promotion and Authorization Centre (IN-SPACe) approved to provide a level playing field for private companies to use Indian space infrastructure. It will also hand-hold, promote and guide the private industries in space activities
- Additional investment of 990 crore by ONGC Videsh Ltd. approved for development of blocks A-1 and A-3 Blocks of Myanmar
- Modi government approves declaration of Kushinagar Airport in Uttar Pradesh as an international airport