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Last Updated : Sep 15, 2020 10:15 AM IST | Source: Moneycontrol.com

ICICI Bank share price gains on exemption from paring stake in insurance subsidiaries

ICICI Bank on September 14 said it has got an exemption from paring stake in its life and non-life subsidiaries to 30 percent for a period of three years.

ICICI Bank offers 4.25 percent interest on its premature withdrawal facility of less than Rs 2 crore for 6 months. Senior citizens are offered 4.75 percent interest on FDs. Those depositing over Rs 2 crore but less than Rs 5 crore earn 3.5 percent.
ICICI Bank offers 4.25 percent interest on its premature withdrawal facility of less than Rs 2 crore for 6 months. Senior citizens are offered 4.75 percent interest on FDs. Those depositing over Rs 2 crore but less than Rs 5 crore earn 3.5 percent.
 
 
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ICICI Bank share price gained over a percent in the morning trade on September 15 after the bank received exemption from paring stake in insurance subsidiaries for three years.

ICICI Bank on September 14 said it has got an exemption from paring stake in its life and non-life subsidiaries to 30 percent 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.

The central government, on the recommendation of the Reserve Bank of India, issued the notification on September 9, 2020, it added. Sub-section (2) of Section 19 of the Banking Regulation Act, 1949 provides that no banking company shall hold shares in any company, whether as pledgee, mortgagee or absolute owner, of any amount exceeding 30 percent of the paid-up share capital of that company or 30 per cent of its own paid-up share capital and reserves.

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"As previously announced by ICICI Lombard General Insurance Company, it has proposed an acquisition of another general insurance business (Bharti AXA General), which if consummated would result in ICICI Bank's shareholding in ICICI Lombard General Insurance Company Limited reducing to less than 50 percent," it said. The above exemption would facilitate compliance with the Banking Regulation Act, it said.

The stock price was trading at Rs 370.35, up Rs 6.70, or 1.84 percent. It has touched an intraday high of Rs 370.85 and an intraday low of Rs 363.65.
First Published on Sep 15, 2020 10:15 am
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