Union Cabinet today approved the proposal for grant of permission to HDFC Bank to raise additional share capital of up to a maximum of 24,000 crore rupees. The composite foreign shareholding in the Bank will not exceed 74 percent of the enhanced paid-up equity share capital of the bank. Briefing media in New Delhi after the Cabinet meeting, Finance Minister Piyush Goyal said, the proposed investment is expected to strengthen the capital adequacy ratio of the bank.

The Cabinet also approved reconstitution of North Eastern Council(NEC). Home Minister will be the ex officio chairman of NEC and the Minister of State for DoNER will serve as Vice Chairman of the council. Under the new arrangement, it will provide a forum for discussing inter state matters more comprehensively and also consider common approaches to be taken in future.