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RBI lifts ban on foreign investment in PNB

punjab-national-bank1The Reserve Bank of India has lifted the ban on the fresh purchase of shares of Punjab National Bank by foreign investors. This brings an end to almost seven-year-old restriction on shareholding of foreigners in the bank. RBI said the aggregate foreign share holdings by foreign institutional investors/NRIs /PIOs/FDI and others under Portfolio Investment Scheme (PIS) in PNB 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 Hence, the restrictions placed on the purchase of shares of the above company have been withdrawn with immediate effect, it said in a notification.

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