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Banking And Finance | November 11, 2014
#46803

Finance ministry likely to take a call on HDFC Bank FDI proposal

On Friday, the government is likely to consider 48 FDI proposals including those of HDFC Bank and Punj Lloyd. The finance ministry is likely to take a call on raising foreign direct investment (FDI) in HDFC Bank. The HDFC bank is seeking post-facto approval of an increase in the foreign investment limit in the bank. The bank had earlier proposed to raise foreign investment to 67.55%, but Department of Economic Affairs (DEA) and DIPP (Department Of Industrial Policy & Promotion) expressed its view that if this proposal is accepted, the FDI would exceed the defined cap of 74 per cent considering promoter HDFC Ltd’s 22.56 per cent stake in the bank.

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