The big-bang Budget announcement of allowing external commercial borrowings (ECBs) for affordable housing has hardly seen any follow-up action. Government officials and industry stakeholders close to the development indicate the move is unlikely to be implemented anytime soon, as issues like hedging of foreign exchange risks are yet to be resolved. The Ministry of Finance, along with the Reserve Bank of India (RBI), would have to finalise the guidelines and issue a notification on ECB norms............
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