Singapore Temasek, GIC can raise ICICI stakes-report

India will allow Singapore''s state investment firms Temasek Holdings and the Government of Singapore Investment Corp to increase their stakes in India''s ICICI Bank to 10 percent each. The state firms could also look into buying a 10 percent stake each in other Indian private banks. Temasek had a 7.62 percent stake in ICICI and GIC had 1.73 percent at the end of September. In the past, India''s central bank had raised objections about Singapore investments in the country because Indian banking regulations say no single foreign entity can hold more than 10 percent equity in an Indian bank. India and Singapore signed an agreement in 2005 allowing for greater access to each other''s markets, to liberalise financial services and create avenues for increasing foreign investment.