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YES BANK gets approval to increase foreign investment limit to 60%

YES BANK Ltd.received approval from the ReserveBank of India for an increase in foreign investment limit in the bankto 60% from the existing 49% under the portfolio investment scheme.

The RBI said the total foreign investment in the bank from allsources, including global depositary receipts, American depositary receipts andforeign direct investment, shall not exceed 60%, according to a May 2 news release.

Separately, YES BANK sought approval from the Foreign InvestmentPromotion Board to increase total foreign ownership limit in the bank to 74%, withfull fungibility for investments under the portfolio investment scheme.

The FIPB has recommended the proposal to the Cabinet Committeeof Economic Affairs for approval.