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Reserve Bank of India lifts foreign investment restriction on Punjab National Bank

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Reserve Bank of India lifts foreign investment restriction on Punjab National Bank

TheReserve Bank of India has lifted a restriction placed on further purchases ofPunjab NationalBank's shares by foreign investors, which was imposed in 2009.

The centralbank said July 8 that it withdrew the restriction placed on further purchasesof the bank's equity shares by foreign investors as the aggregate foreignshareholdings in the bank has gone below the prescribed threshold cautionlimit.

InMay 2009, the Reserve Bank of India said the aggregate foreign shareholdings inPunjab National Bank had reached 18% of its paid-up capital, which was lessthan 2% of the sectoral cap of 20% for public sector banks. As such, thecentral bank imposed the restriction, requiring foreign investors to seek priorapproval if they sought to buy shares in the bank.