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Rediff.com  » Business » RBI removes curbs on foreign investment in Axis Bank

RBI removes curbs on foreign investment in Axis Bank

December 28, 2013 10:22 IST

The Reserve Bank of India said the restrictions on purchasing shares of Axis Bank under the foreign direct investment policy has been withdrawn with immediate effect, following the government's approval to increase foreign investment limit in the bank to 62 per cent from 49 per cent.

The higher foreign investment limit in Axis Bank will bring in Rs 7,250 crore (Rs 72.5 billion), the government said.

Suvashree Dey Choudhury in Mumbai
Source:
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