Cabinet approves amendment to bring cooperative banks under regulatory control of RBI

Union Cabinet has decided to bring Cooperative banks under the regulatory mechanism of Reserve Bank of India. Briefing media persons after the Cabinet meeting, Information and Broadcasting Minister Prakash Javadkar said the move will ensure greater accountability and transparency in the functioning of Cooperative Banks. Mr Javedkar said Cooperative Banks need to fulfill regulatory requirements set for scheduled commercial banks.

Mr. Javedkar said the cabinet also approved the IIIT Laws Amendment Bill 2020. Five IIITs in the PPP mode at Surat, Bhopal, Bhagalpur, Agartala and Raichur will be declared as Institutions of National importance.

After this decision, the total number of IIITs which have been declared the institutions’ national importance has gone up to 25.

Union Cabinet also gave in-principle approval to set up a new major port at Vadhavan near Dahanu in Maharashtra.

The project will cost over 50,000 crore rupees.

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