RBI lifts restrictions on foreign investment in South Indian Bank

The Reserve Bank of India has lifted restrictions on foreign investments in the shares of South Indian Bank Ltd since the current foreign holding in the private sector bank is below the permissible limit.

RBI on Friday notified that the foreign shareholding through foreign institutional investors (FIIs) / non-resident Indians (NRIs) / persons of Indian origin (PIOs) / foreign direct investment (FDI) / American depository receipt (ADR) / global depository receipts (GDRs) in The South Indian Bank Limited have gone below the prescribed threshold caution limit stipulated under the extant FDI policy.

''Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect,'' RBI said.

Equity shares of The South Indian Bank Limited can now be purchased through primary market and stock exchanges.

All the approvals received against the scrip stand duly cancelled.