Cabinet briefing: Govt approves draft resolution scheme for Yes Bank

Cabinet has also approved 4% hike in dearness allowance for central government employees.

Union Ministers Nirmala Sitharaman, Piyush Goyal and Prakash Javadekar briefed media on the outcome of the cabinet meeting on Friday, 13 March 2020.

The cabinet approved the reconstruction scheme for Yes Bank. The bank board will take over after the 7 days once the moratorium is lifted through the notifications. Last week, the Reserve Bank of India (RBI) had announced a draft scheme of reconstruction for the cash-starved lender.

Further, the cabinet approved an increase of 4% in Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners with effect from 1 January 2020. This is over the existing rate of 17% of the basic pay/pension.

The cabinet also approved rehabilitation and upgradation of various National Highways covering a total length of over 780 kms in Himachal Pradesh, Rajasthan, Uttar Pradesh and Andhra Pradesh.

Meanwhile, the Minimum Support Price (MSP) for Copra for 2020 season has been increased to Rs 9,960 per quintal for 2020 season from Rs 9,521.

The cabinet also approved scheme for "Remission of Duties and Taxes on Exported Products" (RoDTEP) to make Indian exports cost competitive and create a level playing field for exporters in International market. The RoDTEP scheme will be implemented with end to end digitization.

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