Cabinet revised project outlay for setting up of Post Payments Bank

The Union Cabinet on Wednesday approved the amalgamation of Consultancy Development Centre (CDC) along with its manpower, moveable assets and liabilities with the Council of Scientific and Industrial Research (CSIR). Briefing the media in New Delhi on Wednesday, union information and broadcasting minister Anurag Thakur said that  the amalgamation of two societies will not only streamline in department but CSIR will be befitted by experienced staff of CDC in the field of consultancy in education, export of technologies etc. After amalgamation, all moveable assets and liabilities of CDC shall stand transferred to CSIR, he said.

The cabinet also approved the revision of project outlay for setting up of India Post Payments Bank (IPPB) from Rs.1435 crore to Rs.2255 crore as equity infusion to meet regulatory requirement. 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. The objective of the project is to build the most accessible, affordable and trusted bank for the common man.

Thakur said that the cabinet chaired by the Prime Minister Narendra Modi has accorded approval to the opening of a new Indian Mission in Lithuania in 2022. Opening of Indian Mission in Lithuania will help expand India’s diplomatic footprint, deepen political relations and strategic cooperation, enable growth of bilateral trade, investment and economic engagements, facilitate stronger people-to-people contacts, allow for more sustained political outreach in multilateral fora and help garner support for India’s foreign policy objectives. Indian Mission in Lithuania will also better assist the Indian community and protect their interests.

The Cabinet has approved the proposal of the Department of Fertilizers for Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for Kharif Season - 2022 (from 01.04.2022 to 30.09.2022). Subsidy for the NBS Kharif-2022 (from 01.04.2022 to 30.09.2022) will be Rs. 60,939.23 Crores including support for indigenous fertilizer (SSP) through freight subsidy and additional support for indigenous manufacturing and imports of DAP.