ICICI Bank has completed the purchase of an additional 2% stake in ICICI Prudential Life Insurance for ₹1,470 crore, according to a CNBC-TV18 report. The transaction raises the private sector lender's holding in the life insurance company to 52.8%.

ICICI Prudential Life Insurance is a joint venture between ICICI Bank and Prudential Corporation Holdings, and its shares are listed on Indian stock exchanges, the National Stock Exchange (NSE) and the BSE. The purchase deepens a promoter-shareholder relationship that dates back to the insurer's founding in 2000, and comes within the regulatory framework of the Insurance Regulatory and Development Authority of India (IRDAI), which permits promoters to hold up to 75% in an insurance company. Moves by banks to raise stakes in their insurance joint ventures are part of a broader consolidation trend in India's financial sector, where large lenders have been increasing ownership of group insurance and asset management businesses.

Separately, ICICI Bank reported gross FCNR(B) mobilisation of $17.88 billion. FCNR(B) — Foreign Currency Non-Resident (Bank) — deposits are term deposits maintained in foreign currency with Indian banks by non-resident Indians. Such deposits had surged across Indian banks following the Reserve Bank of India's 2013 relaxation of rules — including a higher interest-rate ceiling and exemption from cash reserve ratio and statutory liquidity ratio requirements — aimed at shoring up foreign inflows during a period of rupee pressure.

Source: CNBC-TV18