The bank has received approval from the Reserve Bank of India for making iProcess its wholly-owned subsidiary, subject to certain conditions, ICICI Bank said in a regulatory filing.

New Delhi: ICICI Bank on Friday said it has received a green signal from the Reserve Bank to make I-Process Services (India) Private Ltd a wholly-owned subsidiary of the lender.

The board of the bank had, at its meeting held on February 17-18, 2023, approved a proposal for making I-Process Services (India) Private Limited (iProcess) a wholly-owned subsidiary of the bank, subject to receipt of requisite regulatory and statutory approval.

The bank has received approval from the Reserve Bank of India for making iProcess its wholly-owned subsidiary, subject to certain conditions, ICICI Bank said in a regulatory filing.

The bank currently holds a 19 per cent stake in iProcess, it said.

Started in 2005, I-Process Services (India) Private Ltd was set up to provide staffing solutions services for some of India’s top financial institutions.

With in-depth experience across recruitment, HR operations, payroll, compliance and training, I-Process can smartly negotiate market challenges and evolving social dynamics to always offer cutting-edge solutions.