Union Cabinet Meeting today: Highlights and key decisions

New Delhi, June 24: The Union Cabinet today decided that government banks, including 1,482 urban cooperative banks will be brought under the supervisory power of the RBI.

The Cabinet also approved the declaration of Kushinagar Airport in Uttar Pradesh as an International Airport. Addressing the media after the meeting, Union Minister, Prakash Javadekar said, 'we have build up good space assets. These are now in a way being opened for use for everyone.

Here are the highlights of the decisions taken by the Union Cabinet:

• Govt banks, including 1482 urban cooperative banks & 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.
• 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: Union Minister Prakash Javadekar
• Union Cabinet approves declaration of Kushinagar Airport in Uttar Pradesh as an International Airport.
• Union 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.
• Union Cabinet has approved a scheme for interest subvention of 2% to Shishu loan category borrowers under Pradhan Mantri Mudra Yojana, outstanding as on 31st March 2020, for a period of 12 months to eligible borrowers: Union Minister Prakash Javadekar
• Union Cabinet approves establishment of Animal Husbandry Infrastructure Development Fund. Government will provide 3% interest subvention to eligible beneficiaries.
• ISRO is the basic organisation - what activites or projects or missions wil be carried out, it will play a major role in deciding that. But this new facility has been introduced to fill the gap and fulfil demand mode.
• Indian National Space, Promotion & Authorisation Centre is not a new institution but it's role has been extended into ISRO. This is a new turn in the arena of Space. They will supplement each other's work they will not work at cross purposes.
• A new institution has been formed. It will be known as Indian National Space, Promotion & Authorisation Centre. It'll guide the private industries in space activities through encouraging policies in a friendly regulatory environment.