RBI Rejects HDFC Bank's Request to Declassify HDFC as FII
Posted on:16 Nov 2017 12:44:59
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16 November 2017 Current Affairs: The Reserve Bank of India has reportedly rejected HDFC Bank's plea to declassify its parent Housing Development Finance Corporation Limited (HDFC) as a foreign institutional investor (FII).
The RBI has rejected the request citing current rules which require HDFC to be classified as FII. The move will have an impact on HDFC Bank's fundraising program from qualified institutional placement (QIP).
FIIs being barred from investing in the bank will limit the fundraising options as it can only be raised from domestic investors.
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