The Reserve Bank of India (RBI) has granted approval for Life Insurance Corporation (LIC) to acquire a 9.99% stake in HDFC Bank, the largest private lender in India. As of the end of the December quarter, LIC held a 5.19% stake in the bank. The approval comes with the condition that LIC acquires the specified major shareholding within one year, by January 24, 2025. Additionally, LIC must ensure that its aggregate holding in HDFC Bank does not exceed 9.99% of the paid-up share capital or voting rights at any time.