PM Modi-led Union Cabinet took a slew of decisions
The PM Modi-led Union Cabinet took a slew of decisions on Wednesday, including approval of additional funding of Rs.820 crore towards India Post Payments Bank (IPPB), upgradation of 2G mobile sites to 4G in Naxal-hit areas at a cost of Rs.2,426.39 crore. The Centre also approved the continuation of the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme till December 2024. It also approved the construction of the 540 MW Kwar Hydroelectric project.
Through PM SVANidhi, affordable collateral-free loans are given to street vendors.
The Kwar Hydroelectric Project will be constructed on the Chenab river in Kishtwar and will generate 1975 million units of electricity, it will be commissioned in 54 months.
The India Post Payments Bank’s (IPPB) project outlay was revised from Rs.1435 crore to Rs 2255 crore as equity infusion to meet regulatory requirements. The Cabinet has also approved a Universal Service Obligation Fund (USOF) project for upgrading 2G mobile services to 4G at security sites in Left Wing Extremism (LWE) areas. The upgradation work will be awarded to government-owned BSNL. The upgradation will enable better internet and data services in these LSW areas.
The Cabinet also granted in-principle approval for future fund infusion to the tune of Rs.500 crore for meeting regulatory requirements and technological upgradation.
Briefing the media, Union Information and Broadcasting Minister Anurag Thakur said that the objective of the project is to build the most accessible, affordable, and trusted bank for the common man; spearhead the financial inclusion agenda by removing the barriers for the unbanked and reduce the opportunity cost for the underbanked populace through assisted doorstep banking.
Govt has taken various steps to empower street vendors through PM SVANidhi
Today #Cabinet has approved the extension of the PM SVANidhi scheme till December 2024;
It is our aim to benefit 40 lakhs vendor under this scheme till 2024
-Union Minister @ianuragthakur pic.twitter.com/fNlo4iZHDz
— PIB India (@PIB_India) April 27, 2022
The project supplements the government’s vision of a “less-cash economy” and at the same time promotes both economic growth and financial inclusion, Thakur added.
India Post Payments Bank had a nationwide launch on September 1, 2018, with 650 branches/ controlling offices. The IPPB has enabled 1.36 lakh post offices to provide banking services and has equipped nearly 1.89 lakh postmen and Gramin dak sevaks with smartphones and biometric devices to provide doorstep banking services.
Nearly 40 lakh women customers received Direct Benefit Transfer (DBT) into their accounts valued at Rs.2500 crore. More than 7.8 lakh accounts have been opened for school students.
The decision will help India Post Payments Bank pursue its objective of furthering financial inclusion across India by leveraging the network of the Department of Posts, the Minister added.
Anurag Thakur said that the communication upgradation project envisages upgrading 2,343 left Wing Extremism Phase-I sites from 2G to 4G mobile services at an estimated cost of Rs.1,884.59 crore (excluding taxes and levies).
The Cabinet also approved funding of operations and maintenance costs of LWE Phase-I 2G sites by BSNL for an extended period beyond the contractual period of five years at an estimated cost of Rs.541.80 crore.
“It meets the requirements of the Ministry of Home Affairs and the state governments and shall also fulfil the communication needs of the security personnel deployed in these areas,” Thakur said.
Briefing on the Kwar Hydroelectric project, Thakur said, “The construction activities of the project will result in employment to around 2500 persons. Further, UT of J&K will benefit with free power of around Rs.4,548.59 crore and Rs.4,941.46 crore with water usage charges from Kwar Hydroelectric Project, during the project life cycle of 40 years.”
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