The Cabinet Committee on Economic Affairs (CCEA) on 26 December 2013 approved the proposal of Axis Bank Limited to increase its foreign investment from 49 percent to 62 percent. The approval is subject to the aggregate foreign institutional investors that hold not exceeding 49 percent of the paid up equity share capital of the bank.
The approval would result in foreign investment of 7250 crore (approximately) rupees in the country. The CCEA that gave a green signal to the proposal of the bank was chaired by Manmohan Singh, the Prime Minister of India.
About Axis Bank
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of financial services to customer segments, which covers the large and mid-corporate, MSME, agriculture and retail businesses. Axis Bank is one of the first new generation private sector banks to have begun operations in 1994.
The Bank has a large footprint of 1947 domestic branches (including extension counters) and 11245 ATMs spread across the country as on 31 March 2013. The Bank also has overseas offices in Singapore, Hong Kong, Shanghai, Colombo, Dubai and Abu Dhabi.
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