RBI allows FIIs to purchase shares in South Indian Bank

Reserve Bank of India (RBI) has allowed Foreign Institutional Investors (FIIs) to buy shares in South Indian Bank as the foreign shareholding in the company has gone below the prescribed limit. The restrictions placed on the purchase of shares of the bank are withdrawn with immediate effect. Reserve Bank of India has notified that the aggregate share holding by Foreign Institutional Investors (FIIs)/Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs)/Foreign Direct Investment (FDI)/American Depository Receipt (ADR)/Global Depository Receipts (GDRs) under the Portfolio Investment Scheme (PIS) in South Indian Bank have gone below the prescribed threshold caution limit stipulated under the extant FDI policy. South Indian Bank has reported 10.18% rise in its net profit at Rs 141.31 crore for third quarter ended December 31, 2013 as compared to Rs 128.25 crore for the same quarter in the previous year. Total income of the bank has increased by 11.79% at Rs 1334.74 crore for quarter under review as compared to Rs 1193.91 crore for the quarter ended December 31, 2012