Cabinet approves Rs 24,000 cr FDI in HDFC Bank
New Delhi, June 13: In another move to bolster the Indian banking system, the Union Cabinet on Wednesday approved a Rs 24,000 crore foreign direct investment (FDI) as additional share capital into private sector HDFC Bank, Finance Minister Piyush Goyal announced.
Briefing reporters here following a cabinet meeting, Goyal said that with this additional FDI foreign equity in HDFC Bank would continue to remain within the mandatory cap of 74 per cent.
"Even with this infusion, the foreign equity will remain capped below 74 per cent.
"The current 72.62 percent foreign equity holding is being raised to 74 per cent with this Rs 24,000 crore FDI," he said.
Goyal also said the bank's capital adequacy ratio would be strengthened in this way, and it had also indicated its intent to expand both its physical branches network as well as its digital banking reach.
On the other hand, the profitability of state-run banks has been hit hard in recent times owing to the provisioning required to be made on account of their accumulated non-performing assets (NPAs), or bad loans.
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Cybercrime emerging as major threat, says Union Minister Nityanand Rai
Hyderabad ( PTI): Noting that cybercrime has emerged as a major threat, Union Minister of State for Home Nityanand Rai on Friday urged IPS officer trainees to lead the endeavour to address the challenge with technical expertise.
Cyber forensic lab and other initiatives have been taken by the Union Home Ministry, he said.
He was speaking at the Dikshant Parade of the 76th batch of Regular Recruits of IPS at the Sardar Vallabhbhai Patel National Police Academy (SVPNPA) on Hyderabad outskirts.
The Parade marked the culmination of basic course training for 207 officer trainees, including 188 IPS officers and 19 foreign officers from countries like Nepal, Bhutan and others, with a notable 58 lady officers among them.
