Reserve Bank of India has notified that the foreign share holding through Foreign Institutional Investors (FIIs)/Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs)/Foreign Direct Investment (FDI)/American Depository Receipt (ADR)/Global Depository Receipts (GDRs) in Axis Bank has reached the trigger limit. Accordingly, further purchases of equity shares of Axis Bank would be allowed only after obtaining the Reserve Bank's prior approval.
Axis Bank is the third-largest private sector bank in India. As on June 30, 2013, it had a network of 2021 branches including extension counters and 11,488 automated teller machines (ATMs) across the country.
