The Centre has approved a ₹2,009 crore performance-linked bonus for more than 11 lakh railway employees ahead of Diwali.
The Cabinet has cleared ₹53,000 crore to extend social security coverage for vulnerable sections until 2031, with beneficiaries expected to reach 3.2 crore.
The Cabinet has approved the strategic restructuring of IDBI Bank to support MSMEs, while Maharashtra has announced ₹5,000 assistance for drought-affected farmers.
Diwali Package: Cabinet Clears ₹2,009 Cr Railway Bonus, Extends Social Security Cover Till 2031
The Union Cabinet has approved a ₹2,009 crore performance-linked bonus for over 11 lakh railway employees, extended social security coverage until 2031 and the restructuring of IDBI Bank to support MSMEs
Summary
The Centre has approved a performance-linked bonus worth ₹2,009 crore for more than 11 lakh railway employees ahead of Diwali. The Union Cabinet has also cleared a ₹53,000 crore expansion of social security coverage for vulnerable sections until 2031 and approved the strategic restructuring of IDBI Bank to support micro, small and medium enterprises (MSMEs).
The decisions cover railway employees, social security beneficiaries and the MSME sector. While the bonus will be paid to railway staff ahead of the festival, the social security decision extends the programme until 2031. The IDBI Bank restructuring is aimed at strengthening support for smaller enterprises, reported Hindustan Times.
Railway Bonus Worth ₹2,009 Cr
More than 11 lakh railway employees will receive a performance-linked bonus, for which the government has allocated ₹2,009 crore.
The Cabinet approved the payment in recognition of railway employees’ contribution to the functioning of the country’s rail network, which carries millions of passengers and transports freight across India.
The bonus comes ahead of Diwali, providing railway employees with a festive-season payment.
Social Security Cover Extended Until 2031
The Cabinet has approved an outlay of ₹53,000 crore to extend social security coverage for vulnerable sections until 2031.
The expansion is expected to take the total number of beneficiaries to 3.2 crore. Those covered include senior citizens, widows and persons with disabilities.
The decision extends the programme’s coverage over the coming years, with the stated aim of providing support to vulnerable groups.
IDBI Bank Restructuring
The Cabinet has also approved the strategic restructuring of IDBI Bank, with the move intended to support the micro, small and medium enterprises sector.
MSMEs operate across manufacturing and services and are an important part of India’s business landscape. The restructuring is expected to shape the bank’s role in financing and supporting these enterprises.
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Maharashtra Announces ₹5,000 Assistance For Farmers
Separately, Maharashtra Chief Minister Devendra Fadnavis has announced advance financial assistance of ₹5,000 for drought-affected farmers ahead of Diwali, according to ANI.
Around 1.25 crore farmers are expected to benefit from the assistance, which is estimated to cost the state government around ₹6,000 crore.
Fadnavis said the state was providing the assistance earlier than in previous years. He also announced that the number of drought-affected talukas had been increased from 265 to 305.
Maharashtra has 358 talukas, meaning the revised declaration brings a larger number of administrative blocks under the state’s drought-relief measures.
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