Is it true that LIC is taking a stake in IndusInd Bank?

As of now the RBI has only given approval to LIC to raise its stake in IndusInd Bank by up to 9.99%. LIC already holds 4.95% stake in IndusInd Bank. However, the approval by the RBI is subject to regulations compliance including the Master Direction on Ownership in Private Sector Banks and other SEBI regulations. This approval will be valid for 1 year so the stake enhancement will have to be completed by 08 December 2022.

Currently, RBI approval is needed to increase stake in any scheduled bank above the 5% mark. Just last month, RBI had given approval to LIC to raise its stake in Kotak Mahinda Bank by up to 9.99%. LIC already holds substantially stakes in Indian banks. Apart from majority ownership in IDBI Bank, LIC also owns 8.8% in Canara Bank, 8.3% in Punjab National Bank and SBI, 8.2% in Axis Bank and 7.6% ownership stake in ICICI Bank.