RBI removes curbs on foreign investment in Axis Bank

MUMBAI Fri Dec 27, 2013 6:28pm IST

People use a staircase next to a corporate branch office of Axis Bank in New Delhi July 18, 2013. REUTERS/Anindito Mukherjee/Files

People use a staircase next to a corporate branch office of Axis Bank in New Delhi July 18, 2013.

Credit: Reuters/Anindito Mukherjee/Files

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MUMBAI (Reuters) - The Reserve Bank of India said on Friday the restrictions on purchasing shares of Axis Bank under the foreign direct investment policy has been withdrawn with immediate effect, following the government's approval to increase foreign investment limit in the bank to 62 percent from 49 percent.

The higher foreign investment limit in Axis Bank (AXBK.NS) will bring in 72.5 billion rupees, the government said on Thursday.

(Reporting by Suvashree Dey Choudhury; Editing by Subhranshu Sahu)

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