“RBI has communicated to us that since the bank was not able to bring down the shareholding of NOFHC to 40 per cent... general permission to open new branches stands withdrawn and the bank can open branches with prior approval of RBI and the remuneration of the MD & CEO of the Bank stands frozen at the existing level, till further notice,” it said in filing to stock exchanges. “The bank said it is taking steps to comply with licensing condition to bring down the shareholding of NOFHC in the Bank to 40 pc and shall continue to engage with RBI in this behalf,” it said.
