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The Union Cabinet has approved the strategic restructuring and stake sale of IDBI Bank to Prem Watsa’s Fairfax Financial Holdings for ₹52,878 crore. The stake sale has surprised the entire banking industry.
The Government has sold 60.72% controlling stake in the bank. The Government of India has divested 30.48% stake and LIC has divested 30.24% stake in bank. Amidst this, the finance minister Smt. Nirmala Sitharaman has expressed her opinion on stake sale.
Read What FM Sitharaman said about sale of IDBI Bank?
Propelled by Hon’ble Prime Minister Shri Narendra Modi’s visionary leadership, India’s reform trajectory reaches another milestone today with the CCEA’s approval of IDBI Bank’s strategic restructuring. Having supported the bank’s recovery, we are now enabling its next phase of growth through the infusion of Foreign Direct Investment while retaining a minority stake. This will not only strengthen the banking ecosystem but also help banking services surpass global benchmarks. It reinforces that India’s growth story is strong, its economy is resilient, and the government’s commitment to reform is unwavering. With an unshakable resolve toward economic transformation, we are shaping a future-ready financial sector dedicated to empowering customers, backing entrepreneurs, and fuelling the vision of a Viksit Bharat.
Click here to read FAQs on Sale of IDBI Bank
