FIPB delays Kotak Mahindra Bank's FII limit proposal again

FIPB has adjourned its decision on Kotak Mahindra Bank's proposal for raising FII limit to 55% for a second time.

The Foreign Investment Promotion Board (FIPB) has reportedly suspended it’s verdict in the absence of any comments from the Department of Financial Services (DFS). The Finance ministry is expected to post it’s comment by end of June.

Earlier, the FIPB had shelved its order on in the 217th meeting held on April 30.

Kotak is seeking the approval to increase its foreign investment limit. The RBI has restricted overseas investments in the private sector after foreign shareholding in hit the permissible limit after ING Vysya merged with Kotak Bank.

(Image credit: Indiatimes)