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RBI allows FIIs, NRIs to buy OBC shares

RBI allows FIIs, NRIs to buy OBC shares
PTI
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First Published: Thu, Jan 01 2009. 07 34 PM IST
Updated: Thu, Jan 01 2009. 07 34 PM IST
Mumbai: The Reserve Bank of India (RBI) on Thursday allowed Non-Residents Indians (NRIs), including FIIs, to pick up equity of state-owned Oriental Bank of Commerce (OBC) under the portfolio investment scheme.
The RBI decision follows decline in the investment by foreign institutional investors (FIIs), Persons of Indian Origin (PIOs) and NRIs below the threshold limit of 18% in the equity of OBC.
Following the decision of the RBI, FIIs, NRIs and PIOs would be allowed to purchase equity of OBC from the secondary market after complying with guidelines pertaining to investment ceilings.
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First Published: Thu, Jan 01 2009. 07 34 PM IST
More Topics: OBC | RBI | India | Shares | FIIs |