From now on, all co-operative banks will come under RBI surveillance, Modi cabinet approves ordinance

New delhi date. 24 June 2020, Wednesday

A cabinet meeting was held today under the chairmanship of Prime Minister Narendra Modi. After the meeting, Union Minister Prakash Javadekar today informed that a major reform ordinance on space science and banks has been approved. From now on, government banks (whether urban co-operative banks or multi-state co-operative banks) will come under the supervision of the Reserve Bank.

Union Minister Prakash Javadekar said government banks, including 1,482 urban co-operative banks and 58 multi-state co-operative banks, are now being brought under the supervision of the Reserve Bank of India (RBI). The powers of the RBI will apply to the co-operative bank as well as to the scheduled bank.

Union Minister Prakash Javadekar said bringing 1540 co-operative banks under RBI supervision would benefit many account holders. More than 8.6 crore depositors of these banks will be assured that Rs 4.84 lakh crore deposited in these banks will be safe.

Union Minister Prakash Javadekar said that very important decisions have been taken in the Union Cabinet meeting. Huge improvements have been made in the field of space science. So far we have made good progress in space and now it is being opened for all to use in one way or another. Apart from that, Kushinagar Airport has been declared as an international airport.