statesman news service
NEW DELHI, 28 JUNE: Privately owned Yes Bank has been allowed to increase foreign holdings in the company to 60 per cent with the Cabinet Committee on Economic Affairs (CCEA) approving the bank’s request in this regard. The approval is likely to result in the bank’s overseas equity inflow of Rs 2,650 crore.
The CCEA chaired by the Prime Minister Manmohan Singh approved the proposal at a meeting last evening. The Cabinet has given its approval based on the recommendations of the Foreign Investment Promotion Board (FIPB).
The FIPB had sent the proposal to the Cabinet as the amount involved was more than Rs 1,200 crore, the limit beyond which the board cannot take a final decision.