2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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24%
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45%
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51%
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32%
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Detailed explanation-1: -The current Reserve Bank of India rules restrict foreign ownership in new private banks. According to a government clarification on Tuesday, the Central Government will be allowing a consortium of foreign funds and investment companies to own over 51% in state-owned IDBI Bank Ltd.
Detailed explanation-2: -As per section 11(2) of Banking Regulation Act, 1949, the banking company incorporated outside India (Foreign Bank) must maintain paid-up capital and reserves of 15 lakhs rupees and if it has a place or places of business in the city of Mumbai or Calcutta or both, 20 lakhs rupees.
Detailed explanation-3: -The government and LIC together hold 94.72 per cent stake in IDBI Bank, which will come down to 34 per cent after the strategic sale.