Centre makes Rs 25K crore fund to help stalled housing proje

Friday,08 November 2019 12:03 PM IST

New Delhi: In a move to protect more than 4 lakh home buyers, the Center set up a Rs 25,000 crore fund on Wednesday with the participation of state-run LIC and the Bank of India (SBI) to restart stalled projects. After a cabinet meeting here, Finance Minister Nirmala Sitharaman declared that the Ministry had set up an Alternative Investment Fund (AIF) with an initial government investment of Rs 10,000 crore, while the remainder would be invested by Life Insurance Corp (LIC) and SBI. The decision, which will also benefit projects that have been categorised as non-performing assets (NPAs or bad loans) or are facing proceedings in the National Company Law Tribunal (NCLT). The Minister also said that SBI Caps will be the lead professional manager of the AIF and will assess the viability of stalled projects.