Six months later, Fairfax Holdings and CSB deal still stuck in govt files

Lack of procedures, systems and awareness among the departments has been the reasons for the delay

It has been more than six months since Prem Watsa-promoted Fairfax Holdings said it would infuse Rs 12 billion into Catholic Syrian Bank (CSB) for a 51 per cent stake. However, the finance ministry is yet to clear the deal, though the Centre had said it would clear such foreign direct investment (FDI) proposals in 8-10 weeks. 

The Reserve Bank of India had approved the first stake sale of an Indian bank to a foreign non-banking entity in July.

C V R Rajendran, chief executive officer of CSB, speaking on the sidelines of the bank's annual general meeting at Thrissur,