Home > Business > PTI > Report

74% FDI in pvt banks likely

November 21, 2003 16:47 IST

Foreign direct investment limit in private banks may be raised to at least 74 per cent and a clear guideline is expected by December end, a senior finance ministry official said in New Delhi on Friday.

The government will also clarify the limit of foreign institutional investment in the guidelines.

"The FDI limit in private banks would be at least 74 per cent as against the present limit of 49 per cent. The FII limit would also be clarified," the official said.

The government is likely to come up with the guidelines on FDI and FII holding within 4-6 weeks, he said, adding non-resident Indians and overseas corporate bodies would also be part of the FDI.

The government is also hoping that Parliament would approve the amendments to the Banking Regulation Act by this fiscal.

The parliamentary standing committee on finance has already cleared the Bill.

The Bill would ensure voting rights proportionate to the shareholding of foreign players.

The FDI limit and voting rights relaxation was been sought by the foreign banks to increase their presence in the country.

Article Tools

Email this Article

Printer-Friendly Format

Letter to the Editor




Related Stories


Star's uplinking woes continue

Govt may go slow on easing FDI l



People Who Read This Also Read


Banks to pay interim dividends

BoP surplus stage not temporary

What is Satyam's BPO co called?






© Copyright 2003 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.











Copyright © 2003 rediff.com India Limited. All Rights Reserved.