New Delhi: The Union Cabinet took a slew of decisions on Wednesday, including approving the construction of the 540 MW Kwar Hydroelectric project and additional funding of Rs 820 crore towards India Post Payments Bank (IPPB).
"IPPB is going to expand its banking service to 1,56,434 post offices and for decision has been taken to invest Rs 820 crore in it so that poorest of the poor, mothers and sisters living in rural areas can get access to banking facility," Union Minister Anurag Thakur said at a press conference.
The Cabinet also approved upgradation of 2G mobile sites to 4G in naxal-hit areas at a cost of Rs 2,426.39 crore, Union Minister Anurag Thakur said.
The Centre also approved the continuation of the Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme till December 2024. Through PM SVANidhi, affordable collateral-free loans are given to street vendors.
The approval was given by the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi. The approval is expected to benefit nearly 1.2 crore people in urban India.
"Today's approval has increased the loan amount to Rs 8,100 crore, thereby providing the street vendors working capital to further expand their business and making them AtmaNirbhar," an official statement said.
Moreover, the budget for the promotion of digital payments, including cashback to the vendors, has also been enhanced.
The Kwar Hydroelectric Project will be constructed on the Chenab river in Kishtwar and will generate 1975 million units of electricity and it will be commissioned in 54 months.
"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 project life cycle of 40 years," the official statement said.
The Cabinet also approved opening of Indian Mission in Lithuania. "Decision to open a new Indian Mission in Lithuania is a forward-looking step in pursuit of our national priority of growth and development or Sabka Saath Sabka Vikas," Anurag Thakur said.