ICICI Bank gets RBI nod to make ICICI Securities wholly-owned subsidiary

Current Context: ICICI Bank has received approval from the Reserve Bank of India (RBI) to make ICICI Securities its wholly-owned subsidiary.

• This follows ICICI Bank’s announcement on June 26 that it would consider a proposal for the delisting of ICICI Securities, a subsidiary of the bank.
• The bank has stated that ICICI Securities is a low capital-consuming business and the internal accruals are more than adequate to fund business growth.
• Therefore, ICICI Bank is not expected to be required to make additional capital infusion into the company.
• This decision is subject to certain conditions.

Question:

Q.1 Who has given ICICI Bank the approval to make ICICI Securities its wholly-owned subsidiary?
a. Reserve Bank of India (RBI)
b. Securities and Exchange Board of India (SEBI)
c. Ministry of Finance, Government of India
d. None of the above