RBI approves LIC to acquire up to 9.99% stake in ICICI Bank

The Reserve Bank of India has approved Life Insurance Corporation's stake acquisition. LIC can now acquire up to 9.99% of ICICI Bank's share capital. This approval is valid for one year from the RBI's letter date. The central bank's approval will stand cancelled if not utilized within this period. This acquisition is subject to compliance with all applicable regulatory provisions.