Home   »   Banking Current Affairs 2023   »   RBI Approves ICICI Pru Mutual Fund's...

RBI Approves ICICI Pru Mutual Fund’s Acquisition of Stakes in Federal Bank, RBL Bank, and Equitas Small Finance Bank

The Reserve Bank of India (RBI) has granted approval to ICICI Prudential Asset Management Company Ltd (ICICI AMC) for the acquisition of up to 9.95% stake in Federal Bank. The approval, issued on December 28, comes with certain conditions in accordance with the Banking Regulation Act, 1949, and RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023.

RBL Bank and Equitas Small Finance Bank

Simultaneously, the RBI has also approved ICICI AMC to acquire a 9.95% stake in RBL Bank and Equitas Small Finance Bank. Similar to the approval for Federal Bank, these permissions are contingent upon compliance with the relevant provisions outlined in the Banking Regulation Act, 1949, and RBI’s guidelines issued on January 16, 2023.

Key Details

  • ICICI Prudential Asset Management Company Ltd (ICICI AMC) receives RBI approval for a 9.95% stake in Federal Bank.
  • Approval subject to compliance with the Banking Regulation Act, 1949, and RBI’s guidelines.
  • ICICI AMC also authorized to acquire a 9.95% stake in RBL Bank and Equitas Small Finance Bank.
  • RBI’s nod underscores adherence to regulations outlined in the Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies.

Questions Related to Exams

  1. What stake percentage has the Reserve Bank of India (RBI) permitted ICICI Prudential Asset Management Company Ltd (ICICI AMC) to acquire in Federal Bank?
  2. What is the approved stake percentage for ICICI AMC in RBL Bank and Equitas Small Finance Bank as granted by the RBI?

Please Try to Answer in the Comment Section!!

 

RBI Approves ICICI Pru Mutual Fund's Acquisition of Stakes in Federal Bank, RBL Bank, and Equitas Small Finance Bank_40.1

 

RBI Approves ICICI Pru Mutual Fund's Acquisition of Stakes in Federal Bank, RBL Bank, and Equitas Small Finance Bank_50.1

TOPICS: