We wish to inform you that Kotak Mahindra Bank Limited ('Bank') has received an intimation from Life Insurance Corporation of India ('LIC') stating that the Reserve Bank of India had granted its approval to LIC, for increasing its holding in the Bank up to 9.99% of the paid up equity share capital of Bank, Kotak Mahindra said in a statement.

The approval is valid for a period of one year, it added.

As on September 2021, Life Insurance Corporation of India (LIC) held 4.96% stake in Kotak Mahindra Bank.

Kotak Mahindra Bank's net profit declined 7% to Rs 2,032 crore on 2% rise in total income to Rs 8408.87 crore in Q2 FY22 over Q2 FY21.

Kotak Mahindra Bank is a full-service commercial bank. As on 30 September 2021, Kotak Mahindra Bank has a national footprint of 1,622 branches and 2,601 ATMs.

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