The Union Cabinet headed by Prime Minister Narendra Modi brought an ordinance to bring all the co-operative banks in India under the Reserve Bank of India(RBI).
Union information and broadcasting minister Prakash Javadekar called for a virtual press conference in this regard and announced the same. With this, all the 1,482 Urban Co-operative banks and State Co-Operative banks will be brought under the RBI.
Javadekar maintained that with the new ordinance the money that belongs to the depositor's worth Rs 4.84 lakh crore in various cooperative banks will be safe and they don't have to worry about their money.
The Union government announced a piece of good news that the borrowers will be provided with a subvention interest of 2% under the Shishu category of the Pradhan Mantri MUDRA Yojana (PMMY).
In addition to that, the beneficiaries will also be provided with collateral-free loans up to a limit of Rs 50,000. This new scheme will also fall under the Shishu category.
Union information and broadcasting minister Prakash Javadekar called for a virtual press conference in this regard and announced the same. With this, all the 1,482 Urban Co-operative banks and State Co-Operative banks will be brought under the RBI.
Javadekar maintained that with the new ordinance the money that belongs to the depositor's worth Rs 4.84 lakh crore in various cooperative banks will be safe and they don't have to worry about their money.
The Union government announced a piece of good news that the borrowers will be provided with a subvention interest of 2% under the Shishu category of the Pradhan Mantri MUDRA Yojana (PMMY).
In addition to that, the beneficiaries will also be provided with collateral-free loans up to a limit of Rs 50,000. This new scheme will also fall under the Shishu category.