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To hike FDI in private banks

NEW DELHI NOV. 21. Foreign direct investment limit in private banks will be raised to at least 74 per cent and a clear guideline is expected by December-end, a senior Finance Ministry official said here today. The Government will also clarify the limit of foreign institutional investment (FII) in the guidelines.

"The FDI limit in private banks would be at least 74 per cent as against the present limit of 49 per cent. The FII limit would also be clarified," the official said.

The Government is likely to come up with the guidelines on FDI and FII holding within 4-6 weeks, he said, adding NRI and OCBs will be part of the FDI.

The FDI limit and voting rights relaxation were being sought by the foreign banks to increase their presence in the country.

— PTI

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