LIC Housing Finance’s parent organization -- Life Insurance Corporation (LIC) has received approval from Reserve Bank of India (RBI) to increase stake in Kotak Mahindra Bank up to 9.99%. The hike in stake by LIC is subject to RBI's master directions on prior approval for acquisition of shares or voting rights in private sector banks and on ownership in private sector banks.
LIC Housing Finance is one of the largest Housing Finance Company in India. The main objective of the company is providing long term finance to individuals for purchase or construction of house or flat for residential purpose / repair and renovation of existing flat / houses.
