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The Reserve Bank of India (RBI) has removed the restriction on foreign investment in IDFC Ltd after the shareholding of overseas investors fell below the prescribed level. "The foreign shareholding by foreign institutional investors/foreign portfolio investors in IDFC have gone below the prescribed FII/FPI investment limit. Hence, the restrictions placed on the purchase of shares by FII/FPI of the above company, are withdrawn with immediate effect," the RBI said in the notification. Foreign portfolio investors held 32.18% stake in IDFC Ltd as on June 19, 2017. FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS. The RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis and has fixed the cut-off points two percentage points lower than the actual ceiling. More News: Financial News Latest Financial News Financial News India Financial News Today ...

Ravindra H Dholakia’s proposition, that plunging inflation called for a drastic rate cut of 50 basis points (bps) or more, clearly did not find other buyers in the six-member Monetary Policy Committee (MPC) that met on June 6 and 7. As the statements of the minutes show, they favoured a wait-and-watch. The MPC voted five against one to keep the Reserve Bank of India’s (RBI’s) repo rate (at which it lends to banks) unchanged at 6.25 per cent, though retail inflation had fallen below three per cent in April. From the minutes of the two-day meet, economists say, the chance of a rate cut at the next review, in August, look slim. “ The chances of a 50-bps cut in October is more than a 25-bps cut in August,” said Gaurav Kapur, chief economist at IndusInd Bank. “ One has to see through the noise. Given the nature of the concerns by various MPC members, it doesn’t look like they will all be convinced so soon that a rate cut should be done because food prices are on a downward traje...