ICICI Bank received RBI approval for Life Insurance Corporation of India (LIC) to increase its stake to 9.99%. The bank received the official notification letter on Friday, September 4, 2026. This development allows India’s largest institutional investor to expand its holding in the private sector lender.
The bank recently reported robust net interest income growth. It also achieved a significant improvement in its stressed asset position. The bank's provision coverage ratio is currently among the highest in the sector. ICICI Bank has successfully transitioned its loan portfolio to be retail-dominated.
The regulatory approval serves as a vote of confidence in the bank’s management and corporate governance.