Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday has taken a major step to reform the cooperative banks of the country; The banking operations of as many as 1540 cooperative banks of the country have come under the regulatory mechanism of Reserve Bank of India.

The Cabinet also approved setting up a new major port at Vadhavan near Dahanu in Maharashtra at a cost of Rs 65,544 crore. With the development of Vadhavan port, India will break into the countries with top 10 container ports in the world. Vadhavan port will be developed on “land lord model”.

Besides, Cabinet has granted ex-post facto dispensation to Alliance Air, a 100% subsidiary of Air India to fly on international sectors between India and Sri Lanka.