Cabinet

Special Package for Irrigation Projects

The Cabinet Committee on Economic Affairs has approved the implementation of Centrally Sponsored-Scheme for completion of 83 Minor Irrigation projects and 8 major/medium irrigation projects of Marathawada, Vidharbha and drought prone areas of the rest of Maharashtra. Completion of these projects will ensure assured source of water to the farmers in the command area of these projects.

Odisha Govt constitutes Heritage Cabinet

The Odisha Government constituted Heritage Cabinet headed by Chief Minister Naveen Patnaik to preserve the history and culture of Odisha. The Cabinet comprises eight members, including the Chief Minister. While the Chief Secretary will be Secretary of Heritage Cabinet, Secretary in the Department of Odia Language, Literature and Culture will be the convenor.

UK’s Brexit minister resigns

Britain’s Brexit minister David Davis has resigned from the Cabinet stating policy differences over PM Theresa May’s exit plan from the European Union. It is a blow to May as she seeks to win over Eurosceptic MPs to her proposed Brexit vision, which would form the basis of UK’s position in ongoing talks with EU. Junior minister for housing Dominic Raab will be Britain’s new Brexit minister.

Centre approves MoU between ICAI, SOCPA

Cabinet has given its ex-post facto approval for the MoU signed in 2014 & approval for renewal of MoU between Institute of Chartered Accountants of India & Saudi Organisation for Certified Public Accountant. The MoU promotes mutual co-operation framework in quality assurance, forensic accounting & Islamic finance among others. ICAI is a statutory body to regulate profession of CA in India.

Extension of RRBs’ recapitalisation scheme

The Cabinet has approved the extension of the scheme of recapitalization of Regional Rural Banks, RRBs for the next three years upto 2019-20. This will enable the RRBs to maintain the minimum prescribed Capital to Risk Weighted Assets Ratio, CRAR of 9%. There are 56 RRBs functioning in the country. As on 31st March, 2017(Prov.), the total credit given by RRBs is Rs.2,28,599 crore.

Boost to Higher Education

The Cabinet Committee on Economic Affairs approved the proposal for expanding the scope of Higher Education Financing Agency (HEFA). HEFA’s scope expanded to meet the rising financial requirements of educational infrastructure in the country. HEFA is a Non ­Profit, Non Banking Financing Company for mobilising extra-budgetary resources.

Govt funds ECGC, NEIA to boost exports

The Cabinet Committee on Economic Affairs (CCEA) approved the capital infusion of Rs 2000 crore in Export Credit Guarantee Corporation (ECGC) and Rs 1040 cr to National Export Insurance Account Trust (NEIA). The capital infusion of ` 2000 crore in ECGC would to boost exports and benefit MSMEs in the country. The grant to NEIA would promote infrastructure for export projects.

India signed JDI with Germany in Aviation

28 : The Cabinet signed a Joint Declaration of Intent (JDI) between India and Germany on Cooperation in the field of Civil Aviation. The Declaration will lead to the promotion of the effective and efficient development of air transport between India and Germany. It would cover Aviation Safety and Air Traffic Management, Helicopter Emergency Medical Services and Training and Skills Development.

Caninet approves MoU with Denmark

The Cabinet gave approval for the memorandum of understanding (MoU) between India and Denmark in the field of animal husbandry and dairy. Under this, a joint working group consisting of representatives from both the countries will be created to formulate joint programmes. This will facilitate the exchange of knowledge & expertise in the areas of animal breeding, animal health.

Arjit Basu: New MD of State Bank of India

23 : The appointments committee of the cabinet has appointed Arijit Basu as the new Managing Director of State Bank of India till October 31, 2020. Prior to this, Basu was heading the corporate accounts group as the Deputy MD. SBI’s Managing Director B. Sriram will take charge as the MD and CEO of IDBI Bank after existing Chief MK Jain got recently appointed as the RBI Deputy Governor.