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.
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.
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