ICICI may take the reverse merger route with ICICI Bank to convert itself into a universal bank. The term-lending institution will make a detailed presentation to Reserve Bank of India deputy governor S P Talwar on October 5 on its proposed conversion into a bank.
This is the first instance of any financial institution making a presentation to the RBI on its plan to convert itself into a bank ever since the central bank has told financial institutions to chart out plans to become banks, in case they wish to do so.
A senior ICICI executive said no proposal (of converting the institution into a bank) has gone to the institution
