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
The government sold a 10 percent stake in state-run behemoth Coal India on Friday, in a bumper sale which saw demand from institutional investors marginally exceed supply, giving a welcome boost to the government's faltering divestment drive. Full Article