Life Insurance Corporation of India (LIC) has received approval from the Reserve Bank of India (RBI) to increase its stake in IndusInd Bank to up to 9.99 per cent of the total issued and paid up capital of the private sector lender. LIC at present holds 4.95 per cent stake in the bank.

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“…the bank has received an intimation from the RBI on December 9, 2021, that it has granted its approval to LIC, shareholder of the bank, who holds 4.95 per cent of the total issued and paid up capital of the bank, to acquire up to 9.99 per cent of the total issued and paid up capital of the bank…,” IndusInd Bank said in a stock exchange filing on Friday.

The approval is valid for a period of one year that is up to December 8, 2022, it further said. Previously, LIC had also received clearance from RBI to increase its stake in Kotak Mahindra Bank to 9.99 per cent.

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