RBI removed the 7 year restriction on fresh purchase of state owned PNB shares by foreign investors

Q.  RBI removed a 7 year old restriction on fresh purchase of which state owned bank’s shares by foreign investors?
- Published on 12 Jul 16

a. PNB
b. SBI
c. OCI
d. None of the above

ANSWER: PNB
 
RBI has removed the 7 year old restriction on fresh purchase of state owned Punjab National Bank’s shares by foreign investors.
  • PNB shares gained over 8 percent after the RBI removed the PSU bank from the caution list and permitted foreign investors to buy shares.
  • Scrip later closed 8.21 percent up at INR 127.25.
  • Central Bank has notified the aggregate foreign share holding by Foreign Institutional Investors/Registered Foreign Portfolio Investors/Non Resident Indians/Persons of Indian Origin/Foreign Direct Investment/ /American Depository Receipts under Portfolio Investment Scheme have gone below the prescribed threshold caution limit stipulated under the extant FDI policy.
  • PNB is India’s multinational banking and financial services company founded in 1894.

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