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Indian government has announced steps to make available cheaper credit worth Rs 50,000 crore for infrastructure projects and Rs 10,000 crore to small and medium enterprises.
Under the scheme being planned for the infrastructure sector, credit for both term loans and working capital to projects in power generation, ports, airports, roads, tourism, telecommunications and urban infrastructure will be provided at 200 basis points below the prime lending rate over the next three years.
Similarly, SIDBI will extend credit to small and medium enterprises at 200 basis points below the prime rate. In both the cases, the deficit will be made up by the government.
A consortium of banks and financial institutions, under lead institutions, will appraise major projects, and after ascertaining their economic viability, ensure that credit for both term loans and working capital is provided speedily at higher competitive rates of interest. An aggregate additional investment of Rs 50,000 crore will be catalysed over the next three years in infrastructure and manufacturing projects.
A consortium of IDBI, IDFC, LIC, ICICI Bank and SBI have been designated for policy, procedural and financial closure of investment. The government will also provide assistance for setting up the fund, including financial guarantees, appropriate risk mitigation measures, and other financial resources to ensure availability of funds at reasonable rates of interest.
.... Click for bank loans, credit
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