The Reserve Bank of India said that the aggregate share holding by foreign institutional investors (FIIs) under the portfolio investment scheme (PIS) in The South Indian Bank has 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Hence the restrictions placed on the purchase of shares of the above bank are withdrawn with immediate effect, the central bank said.
It may also be noted that all the approvals received against the said scrip are duly cancelled. Equity shares of the bank can now be purchased through primary market and stock exchanges, it added.
