ICICI Prudential Asset Management Company received Reserve Bank of India (RBI) approval to acquire up to 9.95% stakes in four banks. The targeted institutions include CSB Bank, DCB Bank, Kotak Mahindra Bank, and AU Small Finance Bank. The RBI issued the approval letters on September 8, 2026, with public filings following on September 10.
The asset management firm must complete these acquisitions within a one-year timeframe. This strategic expansion aims to broaden ICICI Group's influence and diversify earnings across the Indian financial sector. ICICI Bank shares experienced a slight intraday dip on the National Stock Exchange following the announcement.