press trust of india
MUMBAI, 24 JUNE: The Reserve Bank of India today relaxed ECB norms for affordable housing projects by withdrawing minimum capital requirement and lowering total experience to three years, while extending the scheme till next financial year. “Developers or builders should have a minimum of three years’ experience in undertaking residential projects as against five years prescribed earlier,” an RBI notification said.
RBI also withdrew the condition of minimum paid-up capital requirement of not less than Rs 50 crore for the housing finance companies (HFCs) to avail external commercial borrowings (ECBs).
The apex bank, however, said that the condition of the minimum net-owned funds of Rs 300 (for the HFCs) for the past three financial years was unchanged.