CURRENT AFFAIRS

Detailed explanation-1: -The Central government will allow a consortium of foreign funds and investment firms to own more than 51 per cent in IDBI Bank Ltd, according to a government clarification on Tuesday.

Detailed explanation-2: -(b) The aggregate foreign investment in a private bank from all sources will be allowed up to a maximum of 74 per cent of the paid up capital of the Bank. At all times, at least 26 per cent of the paid up capital will have to be held by residents, except in regard to a wholly-owned subsidiary of a foreign bank.

Detailed explanation-3: -Such applications will be considered by RBI in consultation with Insurance Regulatory and Development Authority (IRDA). Foreign banks having branch presence in India, are eligible for FDI in the private sector banks subject to the overall cap of 49% mentioned above with the approval of RBI.

Detailed explanation-4: -You can withdraw and deposit cash upto Rs. 50,000 per day at any branch.

Detailed explanation-5: -As per RBI guidelines, a foreign bank whether or not carrying on banking business in India can carry on banking business in India through branch mode provided certain conditions prescribed by RBI is not applicable to it.