CCEA approved the following:

(i) To extend the timeline for implementation of PMDP approved in 2016 beyond 31st March 2019 by 3 years i.e. up to 31st March 2022 with provision of further extension of time by a maximum period of 12 months, if required, with approval of Union Minister of Agriculture and Farmers Welfare.

(ii) Revision/Re-appropriation of earlier approved components of PMDP within the approved outlay of Rs. 500 crore between UTs of J&K and Ladakh with the provision of further revision, if required, with the approval of Union Minister of Agriculture and Farmers Welfare within the overall financial limit of Rs. 500 crore.

(iii) Revalidation of unspent amount of Rs. 59.07 crore remaining with undivided State of Jammu & Kashmir including Ladakh.

The action plan under PMDP has therefore been modified within the approved outlay of Rs. 500 crore earmarking Rs. 39.67 crore for UT of Ladakh and Rs. 460.33 crore for UT of Jammu & Kashmir.

The implementation of PMDP in the UTs of Jammu & Kashmir and Ladakh Region, is expected to generate an estimated 44 lakh mandays employment and will also result in employment in allied sectors such as grading/packing units, Cold Atmosphere (CA)/Cold storage units and transportation sector etc. As the high density plantation involves technology and regular upkeep of orchards, therefore, it will also result in overall wage enhancement in the horticulture sector due to the increase in the farmers’ income as a result of the increase in productivity.

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Ms. Sitharaman has asked an official committee that includes the Banking Secretary and Department of Economic Affairs Secretary in the Finance Ministry, as well as a Reserve Bank of India Deputy Governor, to check the legal framework governing co-operative banks .

All options, including a fresh look at the Financial Resolution and Deposit Insurance (FRDI) Bill, are under consideration, the Minister said.

While addressing a press conference in Mumbai Ms. Sitharaman also saw protesting PMC depositors at the BJP’s State headquarters and met them 

She had assured them that she will have a fresh word with the RBI Governor to try to hasten the lifting of withdrawal restrictions of ₹25,000 currently applicable. While the RBI regulates multi-State rural co-operative banks and urban co-operative banks, their registration is governed by the Rural Development and Urban Development Ministries, the Minister said .

“Therefore, in such instances, where there is some malpractice and the boards get bypassed, the Reserve Bank takes care of placing a resolution professional that takes care of the matter. I also told the affected PMC customers this doesn’t mean that the Government of India is doing nothing about it,” Ms. Sitharaman said

 “I have asked the Secretaries in Ministry’s for banking and economic affairs to work with the Ministries of Rural and Urban Development to study in detail what is happening in multi-State co-operatives that also run banks. The RBI will also be represented of course, to understand where there were shortcomings and, if necessary, look at the ways in which the respective Acts can be amended,” Ms. Sitharaman said.

“If the amendments are going to help us curb malpractices, with better regulation and empowerment of the regulator, then we would like to do that. Necessary legislative steps will be taken to prevent such things from happening again in future and allow the regulator even better, if there are shortcomings,” the minister stressed, adding that the government will work to bring in necessary changes in the forthcoming Winter session of Parliament.

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