MUMBAI The Reserve Bank of India (RBI) on Monday allowed property developers to borrow money overseas through external commercial borrowing (ECB) for funding low-cost housing projects.
Housing finance companies can also avail of ECB for financing prospective owners of low-cost housing units, the RBI said in a statement.
The application for ECB would have to be sent to the central bank for approval, it said.
(Reporting by Shamik Paul; Editing by G.Ram Mohan)
Trending On Reuters
Maggi in a soup
Nestle India Ltd will focus on growing its dairy, coffee and confectionary businesses, its new boss said, as the company battles to bring back its popular Maggi noodles that were pulled from shelves over safety concerns. Full Article