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Axis Bank allowed to raise FDI limit

Axis 10The government has cleared Axis Bank’s proposal to raise foreign investment limit to the maximum permissible level under the rules. The bank had sought permission for raising foreign investment limit in the bank to 74% from 62%. The Cabinet Committee on economic Affairs cleared the proposal that will yield an inflow of nearly Rs 13,000 crore. The government said this FDI will be received in the country with an estimated creation of 6,000 to 7,000 jobs over the next three years.

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