Recent Updates — IBN

ICICI Bank Limited received a show cause notice under Section 73 of the West Bengal Goods and Services Tax Act, 2017, from the Joint Commissioner of Revenue in West Bengal. The notice includes a GST demand totaling ₹16,75,96,536, comprising tax of ₹9,30,73,770, interest of ₹6,52,15,388, and a penalty of ₹93,07,378. This liability arises from services provided to customers maintaining specified minimum balances in their accounts. Although the Bank is engaged in litigation regarding similar past issues, it reports this matter because the cumulative amount exceeds its materiality threshold. The Bank intends to file a reply within prescribed timelines.

ICICI Bank disclosed that its affiliate, ICICI Prudential Asset Management Company (the Applicant), received approvals from the Reserve Bank of India on September 8, 2026. These approvals permit the Applicant to acquire an aggregate holding of up to 9.95% of paid-up share capital or voting rights in four specific banks: CSB Bank Limited, DCB Bank Limited, Kotak Mahindra Bank Limited, and AU Small Finance Bank. The Applicant must complete these acquisitions within one year of the RBI letters, or the approvals will be cancelled. This transaction is subject to the Reserve Bank of India (Commercial Banks - Acquisition and Holding of Shares or Voting Rights) Directions, 2025. ICICI Bank operates in the banking and financial services industry.

ICICI Bank Limited received approval from the Reserve Bank of India (RBI) on September 4, 2026, allowing Life Insurance Corporation of India to acquire an aggregate holding of up to 9.99% of the bank's paid-up share capital or voting rights within one year. The approval is subject to compliance with relevant statutory and regulatory provisions; otherwise, it will be cancelled. ICICI Bank Limited operates in the banking industry.