AMN / New Delhi
The Union Cabinet on Wednesday approved Rs 24,000 crore foreign direct investment (FDI) into HDFC Bank, Finance Minister Piyush Goyal said here.
“Even with this infusion the foreign equity will remain capped below 74 per cent,” Goyal said at a press conference while announcing Cabinet decisions.
The composite foreign shareholding in the Bank will not exceed 74 percent of the enhanced paid-up equity share capital of the bank. Briefing media in New Delhi after the Cabinet meeting, Finance Minister Piyush Goyal said, the proposed investment is expected to strengthen the capital adequacy ratio of the bank.
The Cabinet also approved reconstitution of North Eastern Council(NEC). Home Minister will be the ex officio chairman of NEC and the Minister of State for DoNER will serve as Vice Chairman of the council. Under the new arrangement, it will provide a forum for discussing inter state matters more comprehensively and also consider common approaches to be taken in future.