Is it true that LIC proposes to increase its stake in Kotak Mahindra Bank?

The RBI has just accorded approval to the Life Insurance Corporation to enhance its stake in Kotak Mahindra Bank to 9.99%. Currently, LIC holds 4.96% stake in Kotak Mahindra Bank. LIC needs the approval of RBI to increase its stake in any Indian bank beyond 5%. This approval given by the RBI is valid for a period of one year, during which period, LIC can increase its stake in Kotak Mahindra Bank up to 9.99%. Post that, fresh approval is needed.

LIC currently is already a significant investors in most of the leading banks in India. Actually, LIC has stakes in a total of 24 scheduled commercial banks. It may be recollected that LIC had also been roped in to take a 49.24% stake in IDBI Bank. The other predominant holdings of LIC in Indian banks include an 8.8% in Canara Bank, 8.3% in PNB, 8.3% in SBI, 8.2% in Axis Bank and 7.6% in ICICI Bank.