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SBI group gets RBI nod to increase stake in ICICI Bank to 9.99%

Business Standard  

The Reserve Bank of India (RBI) has approved SBI Mutual Fund, along with other SBI group companies, to hold a 9.99% stake in ICICI Bank – the country's second largest lender. At the end of the December quarter, SBI Mutual Fund had 5.72% stake in ICICI Bank. However, the RBI has advised SBI group entities to ensure that their stake in ICICI Bank will remain below 10% of the paid up equity capital at all times. Last year RBI allowed financial institutions, supranational institutions, public sector undertakings to have 15% stake in private sector banks. However, the central bank clarified its prior approval is required by such an entity to pick up more than 5% stake in a private sector bank.