The Cabinet Committee on Economic Affairs today approved increase in foreign investment from the current approved level of 62 per cent to 74 per cent of the total paid up share capital of the Axis Bank on a fully fungible basis. <br/><br/>The foreign investment will be by way of Foreign Institutional Investors, Foreign Portfolio Investors, Non-Resident Indians, Foreign Director Investment covering ADRs and GDRs and Indirect Foreign Investment. <br/><br/>With the approval, foreign direct investment to the tune of Rs 12,973 crore will be received in the country with an estimated creation of 6000 to 7000 jobs over the next three years.