Financial crises had no exception to real estate. Global meltdown melted the housing sector also. Apex bank of
RBI has planned to provide a refinance facility up to 4000 crores with which these HFC can come out of its recession which was caused due to global meltdown. This amount will be available for a period of 90 days by the time the banks can draw and repay says the central bank.
This refinance facility will be available up to 31st march 2010. Utilization of the facility will be governed by the policy approved by NHB (national housing bank). This decision was taken on Thursday on a board meeting held on kolkata. This meeting also discussed the various steps taken since mid September 2008 to preserve financial stability.
The meeting also reviewed the various causes of global meltdown. It also had a look over the steps taken by various economies to stop this melt down. RBI has also planned to fund the Indian export companies through EXIM bank.
Amazing information is that inflation has come down to 8% from its old position of 11.25% in last 8 months. This growth shows some signs of improvement in Indian economy.
RBI has taken several steps to control inflation unfortunately nothing was successful as it was expected to be. At least this step must give some improvement so that economy comes under control and we stop thinking about lay off.
