ICICI Bank disclosed the regulatory clearance in a filing. The lender said it received the RBI communication late on September 4, 2026. The approval was issued to LIC after the insurer sought permission to increase its investment in the bank.

The permitted ceiling is 9.99% and applies to either paid-up equity capital or voting rights. Paid-up capital is the amount shareholders have contributed in return for shares. The clearance allows LIC to build a larger holding; it does not establish that the insurer has already purchased the additional shares.

LIC must finish the acquisition within a year of the approval letter’s date. If it misses that deadline, the permission will cease to be valid. The report does not state LIC’s existing ICICI Bank holding, the proposed purchase cost or a detailed buying schedule.

The decision follows a similar RBI clearance for LIC’s investment in HDFC Bank during August 2026. That permission also set a 9.99% ceiling, while LIC’s holding in HDFC Bank was reported at 4.11%. The two approvals give the insurer room to expand its investments in these private lenders.