Axis Bank, India’s third largest private sector bank, has received approval Cabinet Committee on Economic Affairs (CCEA) to increase foreign investment in the bank from 49% to 62%. This approval is subject to the aggregate foreign institutional investors holding not exceeding 49% of the paid up equity share capital of the bank. This approval would result in foreign investment of Rs.7,250 crore (approximately) in the country.
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.
