Now these banks will have to work under the supervision of RBI
Now these banks will have to work under the supervision of RBI
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On Wednesday, the Union Cabinet met under the chairmanship of PM Narendra Modi, in which many important decisions were taken. Union Information and Broadcasting Minister Prakash Javadekar gave this information on Wednesday. Javadekar said that the Union Cabinet has passed an ordinance. After the President's signature on the ordinance, all types of cooperative banks have come under the supervision of RBI. He also said that 18 to 20 crore people got Mudra loans. It is in a way the largest small-loan program in the world. Under this, a loan of 50 thousand rupees is called Shishu Loan. 9 crore 37 lakh people have taken this Shishu loan. Those taking this type of loan will get a discount of two percent in interest. It will come into effect from June 1, 2020.

Prakash Javadekar said that with the coming of cooperative banks under RBI, the confidence of customers in cooperative banks will increase. Just as the powers of RBI apply to scheduled banks, the same will apply to cooperative banks. He said that there are 1482 urban cooperative banks and 58 multi-state cooperative banks in the country.

Apart from this, Prakash Javadekar said that 'With the decision to bring 1540 cooperative banks under RBI's supervision, more than 8.6 crore depositors of these banks will be assured that their deposits in banks will be safe at Rs 4.84 lakh crore.' Prakash Javadekar said, 'Around 18 to 20 crore people have got Mudra loans. 9 crore 33 lakh people have got Shishu loans. The Union Cabinet has decided to provide a rebate of 2 percent in interest for 12 months to eligible beneficiaries of Shishu Loan. Javadekar told that there will be an international airport in Kushinagar. Many people from countries of South East Asia like Thailand, Malaysia, Singapore, Sri Lanka etc. want to come to India. Such people will benefit greatly from Kushinagar Airport.

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