New Delhi, Oct. 14 -- Union Finance Minister Nirmala Sitharaman hailed the Cabinet Committee on Economic Affairs' (CCEA) approval of IDBI Bank's strategic restructuring, saying the move would enable the bank's next phase of growth through foreign direct investment (FDI) while retaining a minority stake and strengthening India's banking ecosystem.

The Union Cabinet on Wednesday approved the sale of a controlling 60.72 per cent stake in IDBI Bank to Canada's Fairfax Financial Holdings for Rs 52,878 crore, following which Life Insurance Corporation of India's (LIC) shareholding will fall to 19 per cent.

"India's reform trajectory reaches another milestone today with the CCEA's approval of IDBI Bank's strategic restructuring. Having support...