RBI Approves LIC to Acquire Up to 9.99% Stake in ICICI Bank

The Reserve Bank of India (RBI) has granted formal approval to the Life Insurance Corporation of India (LIC) to acquire a stake of up to 9.99% in ICICI Bank.

This strategic investment is part of LIC's broader portfolio diversification, allowing it to hold a significant minority interest in one of India's largest private lenders.

The acquisition must be completed within a specified timeframe, and LIC is required to maintain compliance with RBI's regulatory norms regarding banking sector investments.