Sankoo has become Ladakh’s eighth district while the Union Cabinet has approved Fairfax’s Rs 52,878 crore acquisition of a controlling stake in IDBI Bank, combining a major administrative shift with one of India’s biggest strategic sales.
Ladakh’s latest administrative change has given Sankoo district status, carving the area out of Kargil and ending a long-running local demand for greater autonomy. The new district, officially announced on October 17 by Lieutenant Governor Vinai Kumar Saxena, will have its own Ladakh Autonomous Hill Development Council, with elections to follow later. Local reporting said the district will cover four tehsils , Sankoo, GM Pore, TSG and Taisuru , with Sankoo as the headquarters, underscoring how quickly the Union Territory’s map has changed this year.
In banking, the Union Cabinet has cleared the sale of a 60.72% stake in IDBI Bank to Fairfax Financial Holdings’ Indian arm for Rs 52,878 crore, according to reports from Livemint, Financial Express and NDTV. The deal brings together the government’s 30.48% holding and Life Insurance Corporation of India’s 30.24% stake, with the Centre’s share set to fall to 15% and LIC’s to 19% after the transaction. Reporters said the price implies a valuation of roughly Rs 87,100 crore for the lender and marks the largest foreign direct investment in India’s financial sector, as well as one of the biggest strategic disinvestments since Air India.
The IDBI approval is being watched closely because it may reshape the lender’s future capital position and business mix. Financial Express reported that market participants see the transaction as a possible boost to asset quality and profitability, while Mint said the government hopes the sale will support fresh capital, lending to small businesses and new entrepreneurs, and a broader restructuring of the bank. Together, the developments in Ladakh and banking point to a week of policy decisions with long-term administrative and financial consequences.
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