BANK NEWS
RBI's Nod to LIC; approved 9.99% stake in Kotak Mahindra Bank
LIC currently holds a 4.96% stake in the private lender Kotak Mahindra Bank. RBI's approval is valid for one year.
Image credit: Reuters
New Delhi: India's central bank Reserve Bank of India (RBI), gave approval to the life insurance corporation to increase the stake in Kotak Mahindra Bank.
LIC currently holds a 4.96% stake in the private lender Kotak Mahindra Bank. RBI's approval is valid for one year.
Kotak Bank in exchange filing mentioned, "We wish to inform you that Kotak Mahindra Bank Limited ("Bank") has received an intimation from Life Insurance Corporation of India stating that the Reserve Bank of India had granted its approval to UC, for increasing its holding in the Bank up to 9.99% of the paid-up equity share capital of Bank."
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