After the government's approval to increase foreign shareholding in Axis Bank to 62%, Reserve Bank of India (RBI) has lifted curbs imposed on purchase of the Bank's shares by foreign institutional investors (FIIs). The aggregate share holdings through Foreign Institutional Investor (FII) / Non Resident Indian (NRI) / Person of Indian Origin (PIO) / Foreign Direct Investment (FDI) / American Depository Receipt (ADR) / Global Depository Receipt (GDR) in Axis Bank have gone below the prescribed threshold caution limit stipulated under the extant FDI Policy.
Earlier, the Bank had received approval Cabinet Committee on Economic Affairs (CCEA) to increase foreign investment in the bank from 49% to 62%. This approval would result in foreign investment of Rs.7,250 crore (approximately) in the country.
Axis Bank is the third-largest private sector bank in India. As on June 30, 2013, it had a network of 2021 branches including extension counters and 11,488 automated teller machines (ATMs) across the country.
Earlier, the Bank had received approval Cabinet Committee on Economic Affairs (CCEA) to increase foreign investment in the bank from 49% to 62%. This approval would result in foreign investment of Rs.7,250 crore (approximately) in the country.
Axis Bank is the third-largest private sector bank in India. As on June 30, 2013, it had a network of 2021 branches including extension counters and 11,488 automated teller machines (ATMs) across the country.
No comments:
Post a Comment