Life Insurance Corporation of India (LIC) has received approval from the Reserve Bank of India to increase its stake to 9.99 per cent in IndusInd Bank of the total issued and paid-up capital of the private sector lender. The approval will be valid for 1 year i.e., up to December 8, 2022. At present, LIC holds a 4.95 per cent stake in the IndusInd Bank. Recently, LIC had also received a similar kind of approval from RBI to increase its stake in Kotak Mahindra Bank to 9.99 per cent.
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About the LIC investment:
- LIC is one of the biggest institutional investors in India’s stock market and has a stake in a number of private and public sector banks. It has stakes in as many as 24 scheduled commercial banks, data from Capitaline shows.
- It holds a 49.24 per cent stake in IDBI Bank. Among other major banks, LIC holds 8.8 per cent in Canara Bank, 8.3 per cent in Punjab National Bank and State Bank of India, 8.2 per cent in Axis Bank, and 7.6 per cent in ICICI Bank.
Important takeaways for all competitive exams:
- LIC Chairperson: M R Kumar;
- LIC Headquarters: Mumbai;
- LIC Founded: 1 September 1956.