The parties will need to reach a final agreement within three months of the valuation company being chosen, according to Anantharaman. The approval for Fairfax to acquire a stake is a game-changer for banks and for Catholic Syrian Bank, Santhanakrishnan said. Representatives forFairfax and the RBI didnt immediately respond to e-mails seeking comment. Indias Mint newspaper reported the RBI approval earlier Friday, citing unidentified people. Voting Rights Catholic Syrian had 156.5 billion rupees ($2.3 billion)of assets at the end of March, according to its annual report. The lenders network includes more than 430 branches and 240 automated teller machines in India, its website shows. More from Bloomberg.com: The Fall, Rise, Fall and Rise of Stamford, Connecticut Indias central bank will require Fairfax to keep its ownership level for at least five years, Santhanakrishnan said. The Canadian firm will need to reduce its shareholding to 15 percent within 12 years, according to Santhanakrishnan. The Reserve Bank of India approval letter states Fairfax will be allowed voting rights in accordance with the guidelines contained in central bank circulars from November and May, he said.
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