FIPB clears Bandhan, 22 other FDI proposals

NEW DELHI: The foreign investment promotion board ( FIPB) today cleared 23 FDI proposals including those of Bandhan Financial Services and Catholic Syrian Bank.

The FIPB meeting, chaired by Finance Secretary Rajiv Mehirshi, today considered 47 foreign investment proposals.

Besides Bandhan and Catholic Syrian Bank, the proposals, which were cleared include GSK Pharma, Mylan Laboratories and Den Networks, sources said.

However, the inter-ministerial panel deferred the FDI proposals of Reliance Globalcomm and Sistema Shyam Teleservices, they added.

Bandhan Financial Services has been granted universal banking licence by the Reserve Bank.

Catholic Syrian Bank has received capital market regulator Sebi's approval to raise up to Rs 400 crore through an initial public offer (IPO).

The FIPB can recommend foreign investment proposals worth up to Rs 3,000 crore to the Finance Minister for approval. Proposals worth above that is referred to CCEA.

India allows FDI in most of the sectors through automatic route, but in certain segments considered sensitive for the economy and security, the proposals have to be first cleared by FIPB.

During 2014-15 fiscal, FDI grew 27 per cent year-on-year to $30.93 billion as against USD 24.29 billion in 2013-14, according to the data of Department of Industrial Policy and Promotion.