At present, promoters of private sector banks have to bring down their stake down to 15 percent within 12 years of the bank starting its operations.
To attract more capital into private sector banks, the RBI-constituted panel has recommended that promoters be allowed to hold 25 percent in private sector banks. Also, a category of investors known as Authorised Bank Investors, which include pension funds, provident funds, long-only mutual funds , long-short hedge funds, exchange-traded funds and private equity funds (including sovereign wealth funds), should be allowed to invest up to 20 percent, without having to seek RBI approval.
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At present, promoters of private sector banks have to bring down their stake down to 15 percent within 12 years of the bank starting its operations. Also, all non-promoter investors have a uniform limit of 5 per cent, which at RBI's discretion can be raised to 10 per cent.
"If India's private sector banks are to grow, it appears desirable that they be permitted to access pools of capital available in India and elsewhere without imposing excessively narrow investment limits," the panel said in the report.
According to the panel recommendations, Authorised Bank Investors should be permitted a 20 per cent investment stake without regulatory approval if the investment is purely financial. ABIs which are given board representation, and thereby a measure of influence, should however be permitted a lower 15 per cent investment limit without regulatory approval. All other investors should be permitted no more than 10 per cent.
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