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YES Bank has made an application to the Foreign Investment Promotion Board (FIPB) for increasing the foreign investment limit in the bank to 74 per cent with full fungibility for investments by FIIs (foreign institutional investors)/RFPIs (registered foreign portfolio investors) under the PIS (portfolio investment scheme).
The bank said in a statement that the FIPB has recommended this proposal to the Cabinet Committee of Economic Affairs for approval.
On April 29, 2016, RBI had increased the foreign investment limit in YES Bank (vide a notification) from 49 per cent to 60 per cent. Investment from all sources – GDR, ADR, FII, RFPI, FDI, NRI and PIO would be considered for computing the limit, RBI had said.
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