Reserve Bank of India (RBI) has approved the largest insurer in India Life Insurance Corporation to raise its stake in Indusind Bank to up to 9.99 per cent.
“We are pleased to inform you that the Bank has received an intimation from the RBI on December 9, 2021, that it has granted its approval to Life Insurance Corporation (LIC) to acquire up to 9.99 per cent of the total issued and paid-up capital of the bank,” said IndusInd Bank in a regulatory exchange filing.
LIC already holds a 4.59 per cent stake in the bank.
