The Foreign Investment Promotion Board (FIPB) on 14 November 2014 approved the HDFC Bank proposal to raise foreign investment ceiling of the bank to 74 percent.
According to FDI norms, foreign investment up to 49 percent in banks is permitted under the automatic route and beyond 49 percent FIPB clearance is required.
In 2013, HDFC Bank had approached the FIPB for increasing the foreign holding in the bank to 67.55 percent from 49 percent. However, FIPB did not clear taking consideration HDFC Ltd’s 22 percent holding is FDI, the total foreign holding was more than 67.55 percent.
In 2014, HDFC Bank provided all the clarification required by FIPB and sent a revised proposal raising its foreign holding ceiling request to 74 percent from earlier proposal of 67.55 percent.
What: Approved by FIPB
When: 15 November 2014
Eight-foot bronze statue of World War II Indian pilot Mohinder Singh Pujji unveiled in UK
PV Sindhu won 2014 Macau Open Grand Prix Gold Badminton Title
CERN scientists discovered two subatomic particles belonging to the family of baryon
Book titled Letters for a Nation written by Jawaharlal Nehru & Madhav Khosla