The People's Bank of China bought a stake in ICICI Bank

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New Delhi, 18 August 2020 Tuesday

Amid the boycott of Chinese goods in the country and the anti-China atmosphere, there is news that the People's Bank of China has bought a stake in ICICI Bank. But experts say it does not pose a threat to the country's interests.

In March last year, China's central bank increased its investment in HDFC to more than 1 per cent. There was a lot of commotion on it then. It is among the 357 institutional investors, including People's Bank of China Mutual Fund, insurance companies.

It has currently invested Rs 15,000 crore in ICICI Bank's Qualified Institutional Placement (QIP) offer. ICICI Bank sought investment from institutional investors to raise funds and met its target last week.

The central bank of China has invested only Rs 15,000 crore in ICICI through Qualified Institutional Placement (QIP). Other foreign investors include the Government of Singapore, Morgan Investments, Society General and others.

Experts say that banking is a highly regulated business in India, so it does not pose a threat to the country's interests. Earlier, the central bank of China had invested in housing loan company HDFC Limited.

China's central bank is now increasing investment in other countries like India instead of the US. In March last year, China's central bank increased its investment in HDFC to more than 1 per cent. Then came the controversy.

The government then tightened the rules on foreign portfolio investment. Stricter rules were made, especially for investment from China or other neighboring countries. The Chinese bank later reduced its investment in HDFC by 1 per cent.

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