The Reserve Bank of India has today notified that the aggregate foreign share holding in the Punjab National Bank had reached 18% of its paid up capital i.e., less than 2% of the sectoral cap of 20% for the public sector banks (PSBs). Therefore, any further purchases of equity shares on behalf of Foreign Institutional Investors (FIIs)/ Non Resident Indians (NRIs)/Persons of Indian Origin (PIOs) who have permission under the Portfolio Investment Scheme (PIS) will now be allowed after obtaining prior approval of Reserve Bank of India.

Ajit Prasad
Manager

Press Release : 2008-2009/1914