A day after Standard & Poor’s cut India’s credit rating outlook, the union cabinet approved a key legislation raising voting rights of stakeholders in private banks to 26 per cent from 10 per cent. For public sector banks, voting rights are proposed to be raised from 1 per cent to 10 per cent. “The cabinet has cleared the Banking Laws (Amendment) Bill, 2011. It also approved increase of voting rights from 10 per cent to 26 per cent for private sector banks,” Information & Broadcasting Minister Ambika Soni told reporters after the cabinet meeting on Thursday.