RBI allows hike in FIIs stake in Kotak Mahindra Bank to 42% | business-news | Hindustan Times
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RBI allows hike in FIIs stake in Kotak Mahindra Bank to 42%

business Updated: Mar 09, 2017 20:13 IST
HT Correspondent
RBI

Uday Kotak(HT photo)

New Delhi: The Reserve Bank of India on Thursday permitted foreign institutional investors (FIIs or foreign portfolios investors (FPIs) to hike their exposure in Kotak Mahindra Bank to 42% from the earlier limit of 40%.

The higher investment was permitted under the Portfolio Investment Scheme (PIS) of the RBI.

Kotak Mahindra Bank’s board of directors passed a resolutions and a special resolution by a general body meeting to allow a higher foreign holding in the bank.

The Reserve Bank has notified this under FEMA 1999.