The government is infusing an additional Rs 100 billion in housing finance companies to boost lending in the sector, a government statement said on Friday, at a time when the shadow banking industry is under stress due to lack of liquidity.
"To further ease flow of funds in the housing sector, the National Housing Bank is making available from today, a liquidity infusion facility of 100 billion rupees for housing finance companies as additional liquidity," the government said.
Finance minister Nirmala Sitharaman is also scheduled to meet Indian bankers on August 5 to review credit growth in various sectors, the statement said.
The government is trying to take steps to revive economic growth of Asia's third-largest economy that has slumped to a five-year low.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Prajwal Revanna's father in custody for alleged kidnapping and sexual abuse
May 4, 2024 7:53 PM
Delhi, Indore, Surat and Banswara — why these are the most challenging domains for Congress internally
May 4, 2024 1:53 PM
Congress nominee from Puri Lok Sabha seat withdraws, citing no funds from party
May 4, 2024 12:00 PM
Lok Sabha Polls '24 | Rahul Gandhi in Rae Bareli, why not Amethi
May 4, 2024 9:43 AM