New Delhi, Sep 8 (PTI) ICICI Bank on Friday said it has received a green signal from the Reserve Bank to make I-Process Services (India) Private Ltd a wholly-owned subsidiary of the lender.

The board of the bank had, at its meeting held on February 17-18, 2023, approved a proposal for making I-Process Services (India) Private Limited (iProcess) a wholly-owned subsidiary of the bank, subject to receipt of requisite regulatory and statutory approval.

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The bank has received approval from the Reserve Bank of India for making iProcess its wholly-owned subsidiary, subject to certain conditions, ICICI Bank said in a regulatory filing.

The bank currently holds a 19 per cent stake in iProcess, it said.

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Started in 2005, I-Process Services (India) Private Ltd was set up to provide staffing solutions services for some of India's top financial institutions.

With in-depth experience across recruitment, HR operations, payroll, compliance and training, I-Process can smartly negotiate market challenges and evolving social dynamics to always offer cutting-edge solutions.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)