LIC, Reserve Bank approves increasing participation in HDFC Bank

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Life Insurance Corporation of India (LIC) has received approval to increase its stake in HDFC Bank, the country's largest private sector bank. LIC can now buy up to 9.99 percent stake in HDFC Bank. According to the information, the Reserve Bank of India has allowed this government insurance company to increase its stake. LIC had applied to RBI in this matter some time ago. Currently LIC holds 5.19 percent stake in HDFC Bank.

According to the information given by HDFC in the stock market, RBI has advised LIC to increase this stake in HDFC Bank within a year. Along with this, RBI has ordered to increase the shareholding in LIC Bank above 9.99 percent.

Approval by RBI is required

According to the rules of the Bank of India, those who want to hold more than 5 percent stake in any bank must take the approval of the Reserve Bank. Also, no permission is required to buy less than 5 percent stake.

HDFC Bank shares fall sharply

HDFC Bank's third quarter results for the financial year 2023-24 were announced on 16 January. In this quarter, the bank's profit has increased by 33.5 percent to Rs 16,372 crore. So the bank's profit in the last financial year was Rs 12,259 crore. While the total income of the bank has increased from 51,208 crores to 81,720 crores in the last financial year. Shares of the bank had lost 1.04 percent to close at Rs 1,440.70 last Thursday.

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