RBI nod for Fairfax's 51% stake acquisition in Catholic Syrian Bank

This is the first stake sale of an Indian bank to a foreign non-banking entity since the apex bank tweaked ownership norms in May 2017

The Reserve Bank of India has given its nod to Fairfax to acquire 51 per cent stake in Kerala-based Catholic Syrian Bank (CSB).  

This is the first stake sale of an Indian bank to a foreign non-banking entity since the Banking regulator tweaked ownership norms in May 2017.

Fairfax has agreed to infuse Rs 12 billion in CSB, in a move that will increase the bank's book by about Rs 150-200 billion.

CSB's Managing Director & CEO, C V R Rajendran, confirmed the development, saying he expects the money to come in the next few weeks.

"We will