New Delhi, Dec 28 (PTI) Federal Bank on Thursday said the Reserve Bank of India has accorded approval to ICICI Prudential Asset Management Company Ltd (ICICI AMC) for acquiring up to 9.95 per cent stake in the bank.

RBI accorded the approval subject to conditions on Thursday, Federal Bank said in a regulatory filing.

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The approval granted by the Reserve Bank of India (RBI) is subject to the compliance with the relevant provisions of the Banking Regulation Act, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023, it said.

Meanwhile, RBI also accorded approval to ICICI AMC to acquire 9.95 per cent stake in RBL Bank and Equitas Small Finance Bank.

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(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)