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The Finance Ministry has said that Cabinet Committee on Economic Affairs will be deciding the Axis Bank‘s Rs 12,973 crore foreign investment proposal.
The FIPB in its meeting held on April 29, already approved the proposal of Axis Bank to increase foreign investment by FIIs, NRIs, FPIs, ADRs or GDRs from 62 percent to 74 percent on a fully fungible basis.
Now it will have to get approval from CCEA.
The Foreign Investment Promotion Board (FIPB), chaired by the Economic Affairs Secretary, is an inter-ministerial panel and can approve foreign investment proposals of up to Rs 5,000 crore and beyond that, the proposal has to go to the CCEA.
