RBI permits LIC to carry 9.99% stake in IndusInd Bank

The Reserve Bank of India has permitted the Life Insurance Corporation of India (LIC) to lift its stake in IndusInd Bank by as much as 9.99 per cent.
“The bank has received an intimation from the RBI on December 9 that it has granted its approval to Life Insurance Corporation, shareholder of the bank, who holds 4.95 per cent of the capital of the bank, to acquire up to 9.99 per cent of the total issued capital,” the financial institution mentioned in an trade submitting. This shall be topic to compliance with the Master Direction on ‘’prior approval for acquisition of shares or voting rights in personal sector banks’’ Master Direction on ‘’Ownership in Private Sector Banks’’, the financial institution mentioned.