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Informist, Saturday, Sept. 5, 2026

 

--RBI allows LIC to buy up to 9.99% stake in ICICI Bank within one year 

 

MUMBAI – The Reserve Bank of India on Thursday allowed Life Insurance Corp. of India to purchase a stake of up to 9.99% in ICICI Bank Ltd., the private-sector lender informed exchanges Saturday. The purchase must be made within one year of the date of approval, while the permission is subject to conditions including compliance, the filing said. The RBI granted the approval based on an application by LIC, it said. Last month, the regulator had allowed the insurer to purchase up to a 9.99% stake in ICICI Bank's peer HDFC Bank Ltd. 

 

Life Insurance Corp. of India reported a net profit of INR 134.92 billion in the June quarter, up nearly 23% on year, while ICICI Bank's net profit rose nearly 16% on year to INR 148.05 billion. Shares of LIC closed 0.4% lower at INR 415.35, while those of ICICI Bank ended 0.5% lower at INR 1,423.20 apiece on the National Stock Exchange Friday.  End

 

Reported by Cassandra Carvalho

Edited by Deepshikha Bhardwaj

 

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