Finance RBI refuses to consider Axis Bank-Max Life Insurance deal in current form, seeks restructuring of the deal Updated : October 30, 2020 08:31 PM IST Also, Axis entities will have the right to acquire up to a 7 percent stake in Max Life Insurance going forward. Under Para 5(b) of Master Direction, an entity does not require RBI approval for an acquisition involving less than 10 percent of the investee company’s paid-up capital. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.