India's biggest private-sector bank, ICICI Bank Ltd, the country's second largest lender after state-run State Bank of India has received Foreign Investment Promotion Board (FIPB) approval to divest 24 per cent stake in its insurance business, ICICI Financial Services, to foreign investors, sources close to the deal said. “The proposal has been recommended for conditional clearance. ICICI will have to take the clearance from the Reserve Bank of India and the finance ministry,” newspaper reports quoted an unnamed government official as saying. […]