In February 2026, ICICI Prudential Asset Management Company (AMC), along with group entities of ICICI Bank, received approval from the Reserve Bank of India (RBI) to acquire up to 9.95% of paid-up share capital or voting rights in eight Indian banks, marking a strategic expansion of the group’s presence in the banking sector.
- The banks included in this approval are Bandhan Bank Limited, City Union Bank Limited, Equitas Small Finance Bank (SFB) Limited, Federal Bank Limited, IDFC FIRST Bank Limited, HDFC Bank Limited, Karur Vysya Bank(KVB) Limited, and RBL Bank Limited.
RBI Approval Framework for ICICI Group Stake Acquisition:
Conditions: The approval requires completion of major shareholding within the one-year validity period, maintaining aggregate holding below 9.95%, and obtaining fresh RBI approval if the stake falls below 5% and is later increased.
Compliance: The acquisition must strictly follow the Banking Regulation Act, 1949; RBI (Commercial Banks – Acquisition and Holding of Shares or Voting Rights) Directions, 2025; Foreign Exchange Management Act (FEMA), 1999; and Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.
Coverage: The investment applies to equity acquisitions through schemes of ICICI Prudential Mutual Fund (MF), Specialised Investment Fund (SIF), Alternative Investment Fund (AIF), and Portfolio Management Services (PMS) clients
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