Private lender, ICICI Bank sought clarifications on the government's new foreign direct investment (FDI) norms that may lead to redefining ownership in some banks.

According to the new FDI guidelines declared by the finance ministry earlier this year, if there is more than 50% indirect FDI in an Indian company, its investment in the subsidiaries will be considered as foreign investment. This would change the ownership of most Indian banks.

ICICI's Joint Managing Director Chanda Kochhar said, "There is nothing that has changed in the ownership pattern of the bank. If there are further clarifications that come in the new norms, everyone is waiting for that."

The FDI guidelines also state that the total foreign holding in a company should include the stake held by non-resident Indians. Further equity through American and global depository receipts are also foreign currency convertible bonds and convertible preference shares.

Following the issuance of the new norms, RBI sent a written notice to the department of industrial policy and promotion (Dipp) mentioning that seven banks - ICICI Bank, HDFC Bank, Development Credit Bank and ING Vysya - would fall outside the category of Indian banks as per the new directive and therefore is waiting for a review.

Meanwhile even ICICI wrote to Dipp that it is not a foreign owned bank and should be covered under the new guidelines. If the bank is classified as foreign bank then its downstream investments will also be counted as FDI and thereby prevent it from investing in sectors that have limits.

When asked if the bank had got a response to the letter it had written to Dipp, Kochhar said: "we are awaiting a clarification from them."

Dipp is the nodal agency for FDI policymaking.