ICICI Bank gets exemption from paring stake in insurance subsidiaries for 3 years

ICICI Bank on Monday said it has got an exemption from paring stake in its life and non-life subsidiaries to 30 per cent for a period of three years. A government notification exempted ICICI Bank from the provisions of Section 19(2) of the Banking Regulation Act, 1949 with respect to shareholding above 30 per cent in ICICI Lombard General Insurance Company and ICICI Prudential Life Insurance Company Limited, for a period of three years, the bank said in a regulatory filing.

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