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.
Related Post
Sensex Ends Lower But Market Trend Remains Positive
Mumbai: The Indian stock market closed marginally low on Wednesday as selling was seen in the auto, pharma and metal…
Alia Bhatt Poses with Mom-In-Law Neetu Kapoor, Shares Throwback Photos
Mumbai: Alia Bhatt, who is an avid social media user, delighted her fans on Wednesday by sharing a stunning series…
Breast Cancer in Men: Stigma Delays Diagnosis and Treatment
New Delhi: It may come as a surprise to many that while breast cancer is often perceived as a women’s…
RBI: Cash Transactions Decline Rapidly in India as Digital Payments Surge
New Delhi: In the last three years, digital transactions have surged in such a fashion in India that cash usage,…
Zakir Naik’s Plea to Club Hate Speech FIRs Dismissed by Supreme Court as Withdrawn
New Delhi: The Supreme Court on Wednesday dismissed as withdrawn fugitive radical preacher Zakir Naik’s plea, seeking clubbing of multiple…
Special News
-
Biggest Ever Crowd at Priyanka Gandhi’s Roadshow in Wayanad
October 23, 2024 -
Adar Poonawalla Buys 50% Stake in Karan Johar’s Dharma Productions
October 21, 2024 -
Intriguing Case of an Indian Who US Says is a RAW Agent
October 20, 2024 -
Kajol on Celebrating Karwa Chauth
October 20, 2024 -
Supreme Court Clears Missing Persons Claims Against Isha Foundation
October 19, 2024
Top News
-
211 Ft Tall Ravana Prepared in Delhi’s Dwarka
October 6, 2024
Sensex Ends Lower But Market Trend Remains Positive
October 23, 2024
Breast Cancer in Men: Stigma Delays Diagnosis and Treatment
October 23, 2024