Value investor Prem Watsa’s Fairfax Financial Holdings Ltd. won regulatory approval to buy 51 percent of Catholic Syrian Bank Ltd., marking the first time India’s central bank is allowing a foreign investor to purchase a majority stake in a domestic lender. Catholic Syrian, based in Thrissur in south India’s Kerala state, received notification of the approval Thursday from the Reserve Bank of India, director T.S. Anantharaman said in a phone interview.