Current Affairs - Banking - Discussion

Indian public limited housing finance company PNB(Punjab National Bank) Housing Finance Ltd has raised $100 million (around Rs 690 crore) from International Finance Corporation (IFC, member of the World Bank Group) for the purpose of lending to buyers in housing projects. This is the 1st ECB( external commercial borrowings) outlay was made under the RBI (Reserve Bank of India) automatic route for the current financial year (FY2019-20). The central bank has allowed it to borrow ECB up to $750 million annually from oversees through the route. The line of credit secured by the PNB Housing will enhance liquidity and balance the company's long-term asset-liability management position.