New Delhi: In an effort to assure depositors that their money in the banks is safe, Union Minister Prakash Javadekar on Wednesday announced that the Urban cooperative and multi-state co-operative banks will be brought under RBI supervision. Also Read - RBI to Conduct Special 'Open Market Operations' to Pump up Liquidity

Addressing a press conference, the Union Minister said that an ordinance in this regard will be issued soon. Also Read - Centre Discussing With RBI on One-time Loan Restructuring For Stressed Companies

“The government banks, including 1482 urban cooperative banks and 58 multi-state cooperative banks, are now being brought under supervisory powers of Reserve Bank of India (RBI). The RBI’s powers as they apply to scheduled banks will apply for cooperative banks as well,” Javadekar said. Also Read - Plenty of Liquidity Available in The System: SBI Chairman

He said that 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.

Javadekar also announced that the Union Cabinet has approved 2 per cent interest subvention to Shishu loan category borrowers under PM Mudra Yojna.

“The 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,” Javadekar said.

He further gave the information that the deadline for OBC Commission to submit its report has been extended by six months.

“The Union Cabinet has approved 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 up to January 31, 2021,” Javadekar said.

Javadekar also said that the Union Cabinet has declared Kushinagar Airport in Uttar Pradesh as an International Airport.

Speaking during the press conference, Union Minister Giriraj Singh said that the Union Cabinet has approved the establishment of Animal Husbandry Infrastructure Development Fund. The Central government will provide 3% interest subvention to eligible beneficiaries, he said.

Union MoS Jitendra Singh said that 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,” he added.