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FDI limit to be raised

NEW DELHI DEC. 16. The Government has decided in principle to enhance the limit of foreign direct investment in banking companies to facilitate setting up of subsidiaries by foreign banks and invite investment in private sector banks, the Rajya Sabha was informed today.

Modalities for implementing the decision are being worked out, the Union Finance Minister, Jaswant Singh, said during the Question Hour. He made it clear that the decision would have no impact in terms of ownership control and regulation of nationalised banks.

— PTI

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