Tag: IRDAI Approval

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  ICICI Bank Receives IRDAI Approval to Increase Stake in ICICI Lombard General Insurance

  In a game-changing move for the financial world, ICICI Bank has secured regulatory approval to increase its stake in ICICI Lombard General Insurance by 4 percent, aiming to cement its presence in the insurance sector. The approval, granted by the Insurance Regulatory and Development Authority of India (IRDAI), paves the way for ICICI Bank to potentially elevate ICICI Lombard to subsidiary status by August 2024. Market reactions have been keenly observed, with ICICI Bank's shares showing resilience, while ICICI Lombard General Insurance witnessed an initial surge, underlining the significance of this strategic decision. Stay tuned for more updates on this financial evolution.