The board of directors of South Indian Bank has decided to increase the FDI limit by 10 per cent subject to shareholders/FIPB approval.
With the proposed increase, the foreign shareholding can go up to 59 per cent against the maximum permissible limit of 74 per cent prescribed under FDI policy in the case of private sector banks.
According to V G Mathew, Managing Director & CEO, the bank plans to raise further capital from the market to support its growth plan and the change in FDI cap is expected to catalyse the capital augmentation programme.
Meanwhile, the bank has also rolled out RuPay premium debit card in association with National Payments Corporation of India. The card comes with upgraded features and provide secured access to large number of ATMs, POS terminals, e-commerce Web sites and participating merchants across the country.