The approval was given after Kotak Mahindra Bank passed resolutions to this effect at its board of directors' and the general body meetings, said RBI in a statement.
However, RBI said the approval is subject to the condition that aggregate foreign investment in the bank should also not exceed the composite sectoral cap of 74 per cent (49 per cent under Automatic Route & beyond 49 per cent to 74 per cent under Government Route) as prescribed by the Government from time to time.
"As the M/s. Kotak Mahindra Bank Ltd. has now passed the necessary resolutions in this regard, equity shares of the Kotak Mahindra Bank Ltd. can now be purchased through primary market and stock exchanges provided," said RBI in a statement.
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