No Result
View All Result
  • Login
Monday, August 15, 2022
Afternoon Voice
SUBSCRIBE
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics
No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics
No Result
View All Result
Afternoon Voice
No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Epaper
  • More

Home > Uncategorized > FIPB to take final call on HDFC Bank’s FDI proposal: Mayaram

FIPB to take final call on HDFC Bank’s FDI proposal: Mayaram

afternoonvoice@gmail.com' by Afternoon Voice
May 23, 2014
in Uncategorized
A A
0

The final decision on HDFC Bank’s proposal to raise foreign shareholding will be taken by the Foreign Investment Promotion Board, the Finance Ministry said on Friday.

“It (ambiguities in HDFC Bank’s proposal) will be cleared in the FIPB,” Economic Affairs Secretary Arvind Mayaram said, adding that individual departments have their views on the proposal.

HDFC Bank’s proposal for increasing foreign holding in the bank to 67.55 percent from 49 percent was first listed on the agenda of the FIPB in November 2013.

However, the proposal could not be taken up because the Department of Industrial Policy and Promotion (DIPP), the nodal agency for framing FDI policy, has been arguing that any increase in foreign shareholding would result in breach of the FDI guidelines.

FIPB, headed by the Economic Affairs Secretary, is the nodal body for approving FDI. Other authorities involved in vetting the HDFC bank proposal include RBI, DIPP, DEA and the Law Ministry.

The Law Ministry has suggested that the DEA and the DIPP, a wing of the Industry Ministry, take a view on the proposal of the country’s second largest private bank.

According to sources, if the bank’s proposal to raise foreign investment to 67.55 percent is accepted, it would exceed the cap of 74 percent, after taking into account parent HDFC Ltd’s stake.

HDFC Ltd holds 22.64 percent stake in HDFC Bank and the DEA and DIPP are deliberating whether that investment is foreign investment or not. FIIs hold 75.7 percent in HDFC.

At the end of March 2014, foreign institutional investment (FII) in the bank was 34.08 percent, according to the BSE data. Further, foreign investors hold another 16.97 percent shares through ADRs and GDRs.

If the promoter’s stake of 22.64 percent is deemed to be foreign, then the total of the above mentioned three categories would take foreign investment to over 70 percent. As per the existing guidelines, the foreign holding in a bank cannot exceed 74 percent.

FDI, FII, NRI holding, ADR/GDR, convertible preference shares, foreign currency convertible bonds are treated as foreign investment under the FDI policy.

Investments by HDFC Ltd, which is 75.71 percent owned by FIIs, and associate companies, in HDFC Bank were made before 2009, when the government came out with norms to calculate the level of foreign investment in companies.

afternoonvoice@gmail.com'

Afternoon Voice

Recommended For You

Nepal’s Foreign Minister wishes India on the occasion of 76th Independence day
Uncategorized

Nepal’s Foreign Minister wishes India on the occasion of 76th Independence day

August 15, 2022
Vinayak Mete
Uncategorized

Shiv Sangram Party leader Vinayak Mete passes at the age of 52

August 14, 2022
Women will be inducted in Maha Cabinet in next expansion: Fadnavis
Uncategorized

Women will be inducted in Maha Cabinet in next expansion: Fadnavis

August 9, 2022
Education Ministry holds meeting seeking inputs for new curriculam
Nation

Education Ministry holds meeting seeking inputs for new curriculam

August 9, 2022
Cong. MP A R Chaudhary apologies to President Murmu over ‘Rashtrapatni’ remark
Nation

Cong. MP A R Chaudhary apologies to President Murmu over ‘Rashtrapatni’ remark

July 29, 2022
War, Saudi Arabia, Yemen
Uncategorized

Southern Official states: Yemen truce extension likely but ‘war is coming’ again

July 29, 2022
ADVERTISEMENT

LATEST

Police, Mumbai

Seven People arrested in Delhi for posing Mumbai police officers and robbing wellness centre

August 15, 2022
Priyanka Chaturvedi

‘Look inwards and on BJP’s attitude towards women’, says Opposition on “Nari Shakti” remark

August 15, 2022
2 soldiers were injured in encounter with militants in Nagalan

2 soldiers were injured in encounter with militants in Nagalan

August 15, 2022
Boris Johnson

UK PM Borris Johnson talks about strengthening ties with India

August 15, 2022
Shashi Tharoor

Congress leader Shashi Tharoor states “MLA K T Jaleel should apologise to the nation”

August 15, 2022
ADVERTISEMENT
Afternoon Voice

© 2022 Newsmakers Publications Pvt. Ltd. | All rights reserved.

Important Links

  • Disclaimer
  • Privacy Policy
  • About Us
  • Contact Us
  • Support Parallel Media

Follow Us

No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics

© 2022 Newsmakers Publications Pvt. Ltd. | All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?