Central banks differ on RBI / MAS pact
This includes the RBI's decision not to allow Temasek Holdings to increase its stake in ICICI Bank Ltd. at the time of the bank's recent public issue, said the paper.
The central bank has taken the position that both Temasek and the Government of Singapore Investment Corp. are owned by the Singapore government, whose combined stake in ICICI would therefore cross the 10% limit any one party may hold in a private bank.
"We have written to the Indian regulator last month and the RBI has assured us that it would look into the issue," the paper quoted Heng Swee Keat, Monetary Authority of Singapore managing director, as saying.
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