Centre Approves IDBI Bank Sale to Fairfax

The Union Cabinet has approved the sale of IDBI Bank to Fairfax’s Indian arm for ₹52,878 crore. The proposed transaction marks a significant development in the government’s efforts to divest its stake in the bank and bring in private investment.

The deal is expected to be one of the largest foreign direct investment (FDI) transactions in India’s financial sector. Fairfax’s Indian subsidiary has come forward to acquire the bank, with the sale marking a major milestone in the ongoing privatisation process.