New Delhi, Oct. 15 -- The Cabinet Committee on Economic Affairs (CCEA) on Tuesday approved the sale of a 60.72 per cent stake in IDBI Bank to Fairfax Financial Holdings for Rs 52,878 crore, paving the way for the transfer of management control to the Canadian financial services group.

Finance Minister Nirmala Sitharaman said the transaction would attract foreign investment while allowing the government to retain a minority stake in the lender.

In a post on X, Sitharaman said the government had supported IDBI Bank's recovery and was now facilitating its next phase of growth through strategic restructuring.

"This will not only strengthen the banking ecosystem but also help banking services surpass global benchmarks. It reinforces that In...