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
French President Francois Hollande and India's Prime Minister Narendra Modi will on Monday launch an international solar alliance aimed at eventually bringing clean and affordable solar energy within the reach of all. Full Article