The Economic Times

Fairfax must merge CSB or exit one bank within 2 years: DIPAM Secy Arunish Chawla

The Cabinet Committee on Economic Affairs has approved Fairfax Financial Holdings' acquisition of a majority stake in IDBI Bank. The next steps include obtaining necessary regulatory clearance from the Reserve Bank of India. Employee service conditions and pensions will be protected under the new ownership. Future strategic restructuring plans for public enterprises are also in progress. Additional asset monetisation initiatives involving infrastructure are being developed for efficient capital use.