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The Reserve Bank of India has removed restrictions placed on the purchase of shares by Foreign Institutional Investors in City Union Bank with immediate effect. “FIIs can now purchase up to 35 per cent of the paid-up capital of City Union Bank through primary market under the Portfolio Investment Scheme”, the notification said.
FII holding The RBI said that it removed the restrictions as the FII holding in the bank had gone below the revised threshold limit stipulated under the Foreign Direct Investment (FDI) policy.
The bank will, however, have to monitor individual limits of FII/FPI/QFI and NRI and ensure that at no time its total foreign investment exceed 49 per cent, the statement said.
N Kamakodi, CEO, said that the FII holding was hovering around 25 per cent at present.
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