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Thursday 7 January 2021

Allow cooperative bank to fund housing societies’ revamp: Fadnavis to RBI governor

In September 2020, the RBI issued a circular, stating that no district cooperative banks can finance self-redevelopment housing projects as it falls under the purview of commercial real estate and goes against the loan policy.

Leader of the Opposition Devendra Fadnavis on Thursday met Reserve Bank of India (RBI) governor Shaktikanta Das and urged him to allow District Central Cooperative Bank Limited (DCCBL) to finance self-redevelopment housing cooperative projects.

The former Maharashtra chief minister also submitted a detailed note to the RBI governor, explaining how financial support from DCCBL would play a significant role in boosting redevelopment of cooperative housing societies across Mumbai and its suburbs that are in shambles for several decades, endangering the lives of its residents.

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