RBI scraps curbs on buying of Kotak Mahindra Bank shares

India's central bank, the RBI on Wednesday said that the restrictions placed on the purchase of Kotak Mahindra Bank Ltd's shares are withdrawn immediately.

The Reserve Bank of India (RBI), in a statement, said the aggregate share holdings by global depository receipts (GDR)/American depository receipts (ADR)/foreign direct investment (FDI)/foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs)/NRIs/Persons of Indian Origin (PIOs) under portfolio investment scheme in Kotak Mahindra Bank Ltd. has gone below the prescribed limit.

The Reserve Bank has notified this under the Foreign Exchange Management Act (FEMA).