The Reserve Bank of India (RBI) has approved Life Insurance Corporation of India (LIC) to acquire an aggregate holding of up to 9.99% of the paid-up share capital or voting rights in ICICI Bank, the private lender said in a regulatory filing on Saturday. ICICI Bank received a copy of the RBI's approval letter, dated September 4, 2026, at 9:09 pm on the same day. The approval allows LIC to acquire the stake within one year from the date of the RBI letter, failing which the central bank's approval will stand cancelled. The approval is subject to certain conditions, including compliance with applicable statutory and regulatory provisions.