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RBI Allows LIC to Raise Its Stake in ICICI Bank to Up to 9.99%

7 September 2026National

The Reserve Bank of India has approved Life Insurance Corporation of India (LIC) to acquire up to 9.99% of the paid-up share capital or voting rights of ICICI Bank. ICICI Bank said it received the RBI approval letter on 4 September 2026; the approval is valid for one year and lapses if the acquisition is not completed within that window. LIC held 4.35% in the bank as of 30 June 2026, so the nod roughly doubles its permitted headroom. Under the RBI's directions on acquisition of shareholding in banks, prior approval of the central bank is mandatory for any acquisition taking a holding to 5% or more.

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LIC was established on 1 September 1956 under the LIC Act, 1956 and is headquartered in Mumbai | ICICI Bank was incorporated in 1994 and was the first Indian bank listed on the New York Stock Exchange | The RBI, established on 1 April 1935, regulates bank shareholding under the Banking Regulation Act, 1949

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