Government Approves IDBI Bank Stake Sale to Fairfax Financial Holdings for Rs 52,878 Crore

India's Cabinet Committee on Economic Affairs has approved the sale of a 60.72 per cent stake in IDBI Bank to Canada Inc., the Indian arm of Fairfax Financial Holdings, for Rs 52,878 crore. The government will retain 15 per cent and LIC will hold 19 per cent after the transaction. Finance Minister Nirmala Sitharaman classified the deal as a strategic restructuring rather than a disinvestment. The deal is set to become the largest FDI in India's financial sector upon completion, subject to RBI regulatory approvals.