The Union Cabinet on Thursday gave its approval to the proposed amendments in the Regional Rural Banks (RRB) Act to enhance authorized and issued capital to strengthen their capital base.

The term of the non official directors appointed by the Central Government is proposed to be fixed not exceeding two years. The proposed amendments will ensure financial stability of RRBs which will enable them to play a greater role in financial inclusion and meet the credit requirements of rural areas.

Approval was also given to a Rs. 200-crore revival package for the ailing public sector unit Scooters India Ltd. It also approved 2007 pay scales to the employees and enhancement of superannuation age from 58 years to 60 years.

The Cabinet Committee on Economic Affairs (CCEA) gave the approval to increase the fair and remunerative price for sugarcane by Rs. 40 to Rs. 210 per qunital for 2013-14 season.

This price will be linked to a basic recovery rate of 9.5 percent, subject to a premium of Rs. 2.21 per quintal for every 0.1 percentage point increase in recovery above that level. The CCEA has given the approval for removal of quantitative cap on export of branded edible oil of upto 5kg pack. It also imposed a Minimum Export Price of 1,500 US Dollars per tonne.

Approval was also given to ONGC Videsh Limited to acquire Participating Interest (PI) owned by Hess Corporation's wholly-owned subsidiaries in the upstream and midstream oil and gas assets in Azerbaijan.