New Delhi: The government on Wednesday gave approval to HDFC Bank Ltd to raise Rs24,000 crore in foreign direct investment (FDI) to fund its business growth. With the raising of this capital, FDI in the bank would hit the regulatory ceiling of 74%, finance minister Piyush Goyal said after the cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi.

Currently, FDI shareholding in HDFC Bank stands at 72.62%. Of the additional Rs24,000 crore, Rs8,500 crore is proposed to be allotted to HDFC Ltd, the promoter, on a preferential basis.