ICICI Bank , one of India's leading private sector banks, has received approval from the Reserve Bank of India (RBI) to increase its stake in ICICI Prudential Asset Management Company Limited (ICICI Prudential AMC). The approval allows ICICI Bank to purchase up to an additional 2% shareholding in the asset management company, a move aimed at maintaining its majority ownership.

RBI Approval Details

The RBI granted this approval through a letter dated September 12, subject to compliance with applicable regulations. This development follows a series of disclosures made by ICICI Bank earlier in the year, specifically on February 12, June 27, and July 9, regarding investments in its subsidiary.

Maintaining Majority Stake

The approval for additional shareholding is significant as it allows ICICI Bank to strengthen its position in the asset management sector. By maintaining a majority stake in ICICI Prudential AMC, the bank ensures its continued influence over one of India's prominent asset management companies.

Regulatory Compliance

ICICI Bank has emphasized that the additional stake purchase will be subject to compliance with applicable regulations. This adherence to regulatory norms underscores the bank's commitment to transparency and good corporate governance practices.

Recent Share Allotment

In a separate but related development, ICICI Bank also announced the allotment of 907,481 equity shares on the same day, September 12. These shares, with a face value of Rs. 2.00 each, were allotted under the ICICI Bank Employees Stock Option Scheme-2000. The allotment was approved by two Executive Directors at 10:12 a.m., following the power delegated by the Bank's Board of Directors at its meeting held on October 21, 2023.

Market Implications

This move by ICICI Bank to increase its stake in ICICI Prudential AMC could be seen as a strategic step to consolidate its position in the financial services sector. As the asset management industry in India continues to grow, ICICI Bank's enhanced stake in ICICI Prudential AMC may provide it with a stronger foothold in this competitive market.

In a move set to benefit its over five million users in India, the Amazon Pay ICICI Bank Credit Card is introducing significant enhancements to its offerings. The partnership between Amazon Pay and ICICI Bank has been renewed, bringing forth a suite of improved benefits for cardholders.

Reduced Foreign Exchange Markup

Starting October 11, 2025, users of the Amazon Pay ICICI Bank Credit Card will enjoy a substantial reduction in foreign exchange markup fees for overseas transactions. The fee will be slashed from the current 3.50% to a more competitive 1.99%, making international purchases more affordable for cardholders.

Enhanced Travel Benefits

The card is introducing new travel-centric rewards to appeal to frequent travelers:

• Prime members will receive unlimited 5% cashback on flight and hotel bookings made through Amazon Pay.
• Non-Prime customers will enjoy a 3% cashback on similar travel bookings.

Existing Benefits Retained

While introducing these new features, the card maintains its current set of benefits:

• No joining or annual fees
• 5% cashback on Amazon shopping for Prime members (3% for non-Prime members)
• 2% cashback on Amazon Pay categories
• 1% cashback on all other spends
• Fuel surcharge waiver
• Three-month no-cost EMI options

The digital onboarding process and instant reward point redemption system will remain unchanged, ensuring a seamless experience for both new and existing customers.

ICICI Bank's Upcoming Investor Meetings

In related news, ICICI Bank has announced a series of upcoming investor meetings, demonstrating its commitment to stakeholder engagement:

These meetings suggest ICICI Bank's proactive approach to investor relations and its focus on maintaining transparency with stakeholders.

The renewed partnership between Amazon Pay and ICICI Bank, along with the enhanced credit card offerings, reflects the bank's efforts to stay competitive in the digital payments and credit card market. As the financial landscape continues to evolve, such collaborations and product improvements may play a crucial role in attracting and retaining customers in the increasingly digital-savvy Indian market.