Adani Enterp. 2544.35↑6.90(0.27%)
Adani Ports 726.85↑2.35(0.32%)
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Axis Bank 926.95↑5.90(0.64%)
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Coal India 241.50↑1.45(0.60%)
Divi's Lab. 3514.00↑78.35(2.28%)
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Eicher Motors 3690.35↑38.85(1.06%)
Grasim Inds 1688.30↓-13.05(-0.77%)
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HCL Technologies 1139.20↑23.20(2.08%)
HDFC Bank 1615.80↑6.20(0.39%)
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Hero Motocorp 2745.15↑12.35(0.45%)
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Hindalco Inds. 413.55↑9.30(2.30%)
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JSW Steel 701.70↑5.05(0.72%)
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NTPC 174.50↓0.00(0.00%)
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Power Grid Corpn 237.30↓-0.65(-0.27%)
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UltraTech Cem. 7721.85↑100.10(1.31%)
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Wipro 401.70↑7.60(1.93%)

LIC gets RBI's nod to increase stake in Kotak Mahindra Bank to 9.99%

According to the central bank norms, prior approval of the RBI is required to increase stake in private banks beyond 5%

Subrata Panda Mumbai

Coming soon: LIC kicks off work on IPO allotment to policyholders

Premium

Life Insurance Corporation

2 min read Last Updated : Nov 29 2021 | 11:32 PM IST

The Reserve Bank of India (RBI) has granted approval to state-owned insurance behemoth Life Insurance Corporation (LIC) of India to raise its stake in private lender Kotak Mahindra Bank up to 9.99 per cent.

Currently, the life insurer holds 4.96 per cent in the private lender. In a notification to exchanges, the lender said, “…Kotak Mahindra Bank has received an intimation from LIC stating that the Reserve Bank of India (RBI) had granted its approval to LIC, for increasing its holding in the bank up to 9.99 per cent of the paid-up equity share capital of the bank...”.