ICICI Bank on Friday was granted approval by the Reserve Bank of India to extend the deadline for divesting its shareholding in ICICI Lombard General Insurance Company Limited to less than 30 percent. The Bank had originally requested an extension until September 9, 2024, which has now been approved by the regulatory authority.

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The Bank's shareholding in ICICI Lombard General Insurance Company Limited is currently a little over 48 percent of the Company's paid-up capital.

The Bank received a letter from the Reserve Bank of India on March 10, 2023, conveying its approval for the request. "This disclosure is being made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," it said.

ICICI Bank is one of the largest private sector banks in India, with a strong customer base. The bank operates through a vast network of branches, ATMs, and digital channels, offering a range of financial products and services.

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