Economy
Kotak Bank gets nod to hike FDI
Kotak Mahindra Bank has got a go-ahead from the Foreign Investment Promotion Board (FIPB) for its proposal to increase foreign direct investment to 55 per cent from current 49 per cent. The FIPB gave a green-signal to Kotak’s proposal in its meeting on Friday, following approval from the Department of Financial Services (DFS). The proposal was deferred a number of times before. The insurance rules may, however, have to be amended so that indirect foreign equity is not counted while determining ownership, a Government official said. Our Bureau