According to the current norms of the Reserve Bank of India (RBI), foreign entities can't have ownership in new private banks.
"The residency criteria would not apply to a consortium consisting of funds investment vehicles incorporated outside India," the government said in a reply to interested bidders queries section. It also added that it would consider relaxing the 5-year lock-in period for shares if a non-banking financial company (NBFC) is merged into IDBI.
This story is from the December 07, 2022 edition of The New Indian Express.
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This story is from the December 07, 2022 edition of The New Indian Express.
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