The Reserve Bank of India has approved the Life Insurance Corporation of India (LIC) to acquire an aggregate holding of up to 9.99% in ICICI Bank, giving the country’s largest life insurer regulatory clearance to significantly increase its stake in one of India’s biggest private-sector banks. But there is an important detail: LIC has not automatically acquired the full 9.99% stake. The RBI approval gives LIC permission to increase its holding up to that level, subject to applicable regulatory and statutory requirements.