Foreign Investment Promotion Board (FIPB) on Monday approved Bandhan Financial Services’ proposal to offer 5% stakes each to International Finance Corporation (IFC) and Singapore government’s sovereign wealth fund GIC in its banking venture. Bandhan Financial Services had received final approval from RBI in June to set up a universal bank. Among other proposals, the FIPB also cleared the foreign direct investment (FDI) proposals of GSK Pharma, Natco Pharma, Novartis Healthcare, Mylan Laboratories, Catholic Syrian Bank and DEN Networks.