New Delhi, Feb. 12 -- ICICI Bank on Wednesday announced that it received approvals from the Reserve Bank of India (RBI) which permits ICICI Prudential Asset Management Company, along with group entities of the Bank, to acquire an aggregate holding of up to 9.95% of the paid-up share capital or voting rights in eight other banks.

These banks include Bandhan Bank, City Union Bank, Equitas Small Finance Bank, Federal Bank, IDFC First Bank, HDFC Bank, The Karur Vysya Bank and RBL Bank.

"The approval requires ICICI Prudential Asset Management Company to acquire major shareholding within a period of one year from the date of RBI letter failing which the approval would stand cancelled," ICICI Bank said in a regulatory filing on February 11.

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