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FinMin denies raising foreign cap in SBI
December 19, 2002 17:14 IST
The finance ministry on Thursday denied a newspaper report that it has increased the foreign fund ceiling in State Bank of India, the country's biggest commercial bank.
The Economic Times daily reported on Wednesday that the finance ministry has decided to exempt SBI's GDRs from the 20 per cent foreign investment cap.
"The report in the
Economic Times is incorrect," Neelam Kapoor, a spokeswoman for the ministry of finance told
Reuters.
Source:
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