New Delhi: The Union Cabinet on Wednesday cleared a ₹51,000 crore port project at Vadhavan in Maharashtra, which is part of the ₹100 trillion investment in infrastructure announced by the Narendra Modi administration.

The Cabinet also cleared amendments to the Banking Regulation Act to safeguard depositors of multi-cooperative banks, union minister Prakash Javadekar told reporters at a press briefing.

The amendments will empower the Reserve Bank of India to regulate co-operative banks and follow the collapse of Punjab and Maharashtra Co-operative (PMC) Bank last year.

It will also give the banking regulator power to supersede and take control of weak co-operative banks.

At present, there are 1,540 cooperative banks in the country, with deposits totalling ₹5 trillion, the Javadekar said.

The government today approved a proposal to set up the 'Shri Ram Janma Bhoomi Tirtha Kshetra' Trust which would oversee the construction of Ram Temple in Ayodhya, nearly three months after the Supreme Court ruling in the decades-old case. The Trust will be free to take all decisions regarding the construction of the temple in Ayodhya.

The Cabinet also allowed Alliance Air, a subsidiary of Air India, to start international flights between India and Sri Lanka.

The Union Cabinet also cleared the Indian Institutes of Information Technology (IIITs) Laws (Amendment) Bill, 2020, under which five IIITs in public private partnerships at Surat, Bhopal, Bhagalpur, Agartala and Raichur will be declared as institutions of national importance.





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