RBI allows foreign funding for low-cost housing
MUMBAI (Reuters) - 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)
- Tweet this
- Share this
- Digg this
Trending On Reuters
Prime Minister Narendra Modi may consider using an executive order to push through laws overhauling the insurance and coal sectors, if the increasingly fractious parliament fails to pass them soon, two government officials said on Friday. Full Article