Soon after the Govt. announced the plan to revive the Real Estate sector with a fund of Rs 25k crores, ICICI, the largest lender to the infra sector till 2013, has decided to reorganize by putting the lid on its Project Finance Dept. The slack market and it’s shifting focus on retail banking pushed ICICI for this move.
In a move to shift gears of the slowing economy, FM Nirmala Sitharaman announced a corpus of Rs 25000 crores, of which 15000 crores will be funded by LIC and SBI, for the Real Estate segment. This to rev up the halted projects, which also include projects that have been declared NPA and that are under the scanner of bankruptcy proceedings. FM also aims to revitalize employment along with the cement, iron and steel industries through this move.