Current Affairs - Banking - Discussion

PNB Housing Finance Ltd has tied up with International Finance Corporation (IFC), part of the World Bank Group, to raise $800 million for green and affordable housing in India. As per the deal with PNB Housing, IFC will make $400 million available for the new facility, of which $150 million will be its own money and the rest will be mobilized from other sources. All of this money will be raised through masala bonds issued by PNB Housing. The move comes as a big boost to Prime Minister Narendra Modi's housing for all scheme by 2022. Under PMAY, the government offers interest subsidy of 6.5% to economically weaker sections on their home loans. The scheme is for people with an annual income up to Rs3 lakh.