Mumbai, August 21: The Reserve Bank of India (RBI) has granted approval for the Life Insurance Corporation of India (LIC) to increase its stake in HDFC Bank. As of August 20, LIC can raise its total shareholding in HDFC Bank to 9.99%. This approval comes under the banking regulations concerning large shareholdings in banks. Prior to this, LIC held a 4.11% stake in HDFC Bank’s total paid-up share capital as of August 14.
The RBI’s approval allows LIC to hold up to 10% in HDFC Bank, although this does not mean that LIC can immediately increase its stake to the maximum limit. The corporation must adhere to various regulations, including the Banking Regulation Act of 1949 and SEBI guidelines.
HDFC Bank, established in August 1994 and headquartered in Mumbai, is one of India’s leading private sector banks, with Shashi Dhankar Jagdishan serving as its CEO and Managing Director.
In related news, the Bihar government has announced a new initiative to support social media creators who produce videos on government schemes. Starting August 20, creators can earn up to ₹10,000 for videos that reach a viewership of 100,000. This initiative aims to enhance the reach of government programs through digital platforms.
The Bihar Information and Public Relations Department is expected to release further details regarding eligibility and payment rules soon.