On February 5, 2020, the Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has given the following approvals:Cabinet gives in-principle approval for setting up a new Major Port at Vadhavan in Maharashtra
The cabinet has given its ‘in-principle’ approval for setting up a Major Port at Vadhavan near Dahanu in Maharashtra at a cost of Rs.65,544.54 crore. The port will be developed on “land lord model”. A Special Purpose Vehicle (SPV) will be formed with Jawaharlal Nehru Port Trust (JNPT) as the lead partner. The SPV will develop the port infrastructure and establish connectivity to the hinterland. The position of JN Port, the biggest container port in India is 28th in the world and with the development of Vadhavan port, India will break into the countries with top 10 container ports in the world. This is country’s 13th major port at Vadhavan in Maharashtra.
Cabinet approves amendment to bring cooperative banks under regulatory control of RBI
The Union Cabinet approved amendments to the Banking Regulation Act to bring cooperative banks under the regulatory mechanism of Reserve Bank of India (RBI), in the wake of the Punjab and Maharashtra Co-operative (PMC) Bank crisis. The provisions would give RBI the power to take control of weak co-operative banks. As per the new proposals, cooperative banks will need to take RBI approval for the appointment of CEO and do audits as per RBI guidelines. Also they need to fulfill regulatory requirements set for scheduled commercial banks.
Cabinet approves the Indian Institutes of Information Technology (IIIT) Laws (Amendment) Bill, 2020
The cabinet has approved introduction of the Indian Institutes of Information Technology (IIIT) Laws (Amendment) Bill, 2020. The bill will declare the remaining five IIITs along with the existing 15 IIITs in PPP mode as Institutions of National Importance with powers to award degrees. The Five IIITs in Public-private partnership (PPP) mode at Surat (Gujarat), Bhopal (Madhya Pradesh), Bhagalpur (Bihar), Agartala (Tripura) and Raichur (Karnataka) will now be able to use the nomenclature of Bachelor of Technology, BTech or Master of Technology or PhD degree.
- These IIITs are already functioning as Societies registered under Societies Registration Act of 1860. They will now be covered under the IIIT (PPP) Act, 2017, similar to the other 15 IIITs established under the scheme in PPP mode.
About Reserve Bank of India (RBI):
Headquarters– Mumbai, Maharashtra
Formation– 1 April 1935
Governor– Shaktikanta Das
Deputy Governors– 4 (BP Kanungo, N S Vishwanathan, Mahesh Kumar Jain, Michael Debabrata Patra)