NEW DELHI: The Union Cabinet on Wednesday approved an ordinance bringing 1,482 urban and 58 multi-state cooperative banks under the supervisory power of the Reserve Bank Of India(RBI).

Addressing the media, Union Minister Prakash Jawadekar said that the RBI’s powers as they apply to scheduled banks will apply for cooperative banks as well. He said that this will give an assurance to 8.6 crore depositors in these banks that their money will stay safe. Prakash Javadekar said that the Union Cabinet has approved a 2-percent interest subvention to Shishu loan category borrowers under PM Mudra Yojna. It has also 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 (OBCs) by 6 months up to January 31, 2021.

Union Minister of Fisheries, Animal Husbandry, and Dairy Giriraj Singh said that the Cabinet has approved the establishment of Animal Husbandry Infrastructure Development Fund. The government will provide a 3 percent interest subvention to eligible beneficiaries.

Union Minister Jitendra Singh said that the Cabinet has approved far-reaching reforms in the Space sector aimed at boosting private sector participation in the entire range of space activities. "This will unlock India’s potential in the space sector," he said.

Cabinet also approved the declaration of Kushinagar Airport in Uttar Pradesh as an International Airport.

Meanwhile, the Ministry of Micro, Small & Medium Enterprises(MSME) launched another funding scheme to help the distressed MSME sector. The Scheme will provide Rs. 20,000 crore of guarantee cover to two lakh MSMEs.