BackCabinet approves infusion of ₹1,500 cr in IREDA; other major announcements here
Briefing reporters after the Cabinet meeting, information and broadcasting minister Anurag Thakur said the decision has been taken in the wake the RBI's lending norms.
PremiumThe Union Cabinet has approved the infusion of ₹1,500 crores in Indian Renewable Energy Development Agency Limited (IREDA), announced minister Anurag Thakur on Wednesday.
“Indian Renewable Energy Development Agency Limited plays a big role in the field of renewable energy. This agency was established to finance renewable energy. Its portfolio has increased from ₹8,800 crore to ₹28,000 crore in the past 6 years," said Thakur.
"But according to RBI, the loan can only be lent on 20 per cent of the net worth. The net worth of IREDA is ₹3,000 crore. It can lend loans up to ₹600 crore only," the Union Minister added.
Thakur further said that the decision would enable IREDA to lend loans up to ₹12,000 crore in the renewable sector. It will also help the public sector unit (PSU) to create a renewable energy capacity of 3,500 to 4,000 MW.
In addition to this, the cabinet also approved a scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months to borrowers in specified loan accounts.
A nod was also given for the extension of tenure of the National Commission for Safai Karamcharis for three years beyond 31 March.
The National Commission for Safai Karamcharis (NCSK) was constituted on 12 August 1994 as a statutory body by an Act of Parliament for a period of three years.
The validity of the Act was extended up to February 2004 twice by passing amendment bills by Parliament, according to the website of the Commission.
Since the lapse of the National Commission for Safai Karamcharis Act in 2004, the Commission has been acting as a non-statutory body of the Ministry of Social Justice and Empowerment. The tenure of the Commission was being extended from time to time through Government Resolutions.
The mandate of the body includes recommending to the central government-specific programmes of action towards elimination of inequalities in status, facilities and opportunities for sanitation workers.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
