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HDFC Bank and Ratnakar Bank have got the Foreign Investment Promotion Board’s (FIPB) approval for their FDI proposals considered by the government panel on Friday. HDFC Bank had applied to the FIPB for permission to expand its equity base by up to ₹10,000 crore. Ratnakar Bank had also sought approval to raise capital. The board headed by Economic Affairs Secretary Rajiv Mehrishi has approved both banks’ proposals, a Government official said.
HDFC Bank’s proposal will now be placed before the Cabinet Committee on Economic Affairs for clearance as all FDI proposals of ₹1,200 crore or more need its nod. Last month, the FIPB cleared the long-pending proposal of HDFC Bank to hike foreign holding in the bank to 74 per cent.
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