Over 1,500 cooperative banks to be brought under RBI's supervision, says Prakash Javadekar

Prakash Javadekar further said that the Union Cabinet has approved a scheme 'for interest subvention of 2 percent to Shishu loan category borrowers under Pradhan Mantri Mudra Yojana, outstanding as on 31 March, 2020, for one year to eligible borrowers.'

Asian News International June 24, 2020 18:14:17 IST
Over 1,500 cooperative banks to be brought under RBI's supervision, says Prakash Javadekar

New Delhi: Over 1,500 urban and multi-state cooperative banks will be brought under the supervisory power of the Reserve Bank of India (RBI), said Union Minister Prakash Javadekar on Wednesday.

"Government banks, including 1,482 urban cooperative banks and 58 multi-state cooperative banks, are now being brought under supervisory powers of Reserve Bank of India (RBI); RBI's powers as they apply to scheduled banks will apply for cooperative banks as well," Javadekar said at a press conference, through video conferencing.

"The decision to bring 1,540 cooperative 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," he added.

Over 1500 cooperative banks to be brought under RBIs supervision says Prakash Javadekar

File photo of Prakash Javadekar. Reuters

The Minister of Information and Broadcasting further said that the Union Cabinet has approved a scheme "for interest subvention of 2 percent to Shishu loan category borrowers under Pradhan Mantri Mudra Yojana, outstanding as on 31 March, 2020, for one year to eligible borrowers."

The minister also said that the Union Cabinet has approved the declaration of Kushinagar Airport in Uttar Pradesh as an international airport.

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