life insurance corporation ,LIC) has received approval from reserve Bank of India ,reserve Bank of India) to increase its share.

The approval is to increase LIC’s stake in the bank to 9.99 per cent from the current 4.96 per cent, which is in the private lender.

Prior approval from the central bank is required for acquisition in any private bank with more than 5 per cent stake.

“Kotak Mahindra Bank Ltd. has received a communication from LIC stating that RBI has given its approval to LIC to increase its stake in the bank to 9.99 per cent of the paid-up equity share capital of the bank…,” the lender said on Monday. communicated to the exchanges.

The approval of the central bank will be valid for one year.

Shares of Kotak Mahindra Bank on Monday closed at Rs 2,011 up 2.39 per cent from the previous close.