RBI has actually allowed LIC to raise its stake in Kotak Mahindra Bank to nearly 10 per centReserve Bank of India (RBI) has actually enabled state-run insurance giant Life Insurance Corporation of India or LIC to increase its stake in Kotak Mahindra Bank Limited to approximately 9.99 percent, the economic sector loan provider said on Monday.The insurance company has a 4.96 percent stake as of September 30 and is its fifth largest shareholder, according to Refinitiv data.A raise to 9.99 percent would make it the 2nd biggest financier in the bank.While revealing reformed rules on the structure of private sector banks, the RBI had on Friday said that non-promoter share holdings would continue to be topped at 10 percent for individuals and non-financial institutions.Meanwhile, LIC is aiming to list on domestic bourses by March next year in an initial public offering (IPO) approximated at $12 billion, set to be the country's greatest.