The finance ministry also said the maximum funding will be Rs 400 crore for any single project that will be seeking assistance from the 'special window' or the alternative investment fund (AIF) for completion of the 1,508 projects comprising about 4.58 lakh units.
"PMC Bank situation is being closely monitored. Forensic audit is underway in PMC Bank case," Das told reporters after a meeting of the Financial Stability and Development Council (FSDC) here.
Participating in the inaugural session of Himachal Rising Global Investors' Meet at Dharamshala on Thursday, Albanna said, "The UAE is the third largest business partner of India after the USA and China."
The AIF will not only prove to be a win-win for both real estate developers and home buyers but will also help troubled NBFCs and HFCs to an extent who have been disproportionately impacted by the ongoing liquidity tightness.
The commerce ministry has stated that the "overzealous revenue collection" move by DRI (Directorate of Revenue Intelligence) was against exporters.
"The meeting was very constructive and it took stock of entire financial system and other issues," said Finance Secretary Rajiv Kumar after the meeting that lasted nearly two hours.
The recent government steps to boost the economy through corporate tax rate cuts and other incentives and a series of rate cuts by the Reserve Bank of India have improved the sentiment.
Commerce minister Piyush Goyal and Amazon India head Amit Agarwal reportedly discussed the subject when they met on November 5
After falling nearly 9% in 2018, the Indian currency has shed another 4% this year to touch a 2019 trough of 72.40 per dollar on Sept 3. It has since popped up over 2%, along with other emerging market currencies, on hopes of a possible trade deal between the world's two largest economies.
The IMF official said the ongoing mergers of public sector banks must be done "cautiously" and pitched for a relook at governance and efficiency of capital allocation at state-run lenders
The visit assumes significance as both the countries are negotiating a trade package to promote two-way commerce.
He added that there was space for new HFCs to enter the market but on two conditions. "They should be 100 percent housing finance companies and they should not take deposits," he said.
Finance Minister Nirmala Sitharaman said that projects that have been classified as non-performing assets (NPAs) will be covered under the scheme.
The Finance Ministry and the Reserve Bank of India are waiting for a formal nod to begin the process.
According to sources, the meeting will take stock of various measures taken by the government to boost the sagging growth which hit a six-year low of 5 percent in the first quarter of the current fiscal.
FM Nirmala Sitharaman said the government will put in Rs 10,000 crore in this alternative investment fund (AIF) while SBI and LIC would provide Rs 15,000 crore, taking the total size to Rs 25,000 crore.
The decision came a day after the FM had hinted that the government was planning more reform measures for the real estate sector.
Of BSNL's total staff strength of 1.50 lakh, nearly one lakh employees are eligible for the VRS.
Track this space for all live updates on the press conference by Finance Minister Nirmala Sitharaman.
Speaking at KPMG's Enrich 2019 conference, he said India will chart its own course of energy transition in a responsible manner even as it is said to be a key driver of global energy demand in the coming decades.
The code was issued by the Central government on November 4.
The government will ensure that energy transition is secure, affordable and reliable.
The recovery in the cases has been difficult, especially in the last three years with over 666 cases in litigation.
On Monday, Prime Minister Narendra Modi in Bangkok had said India will not join the Regional Comprehensive Economic Partnership (RCEP) as negotiations failed to satisfactorily address the country's "outstanding issues and concerns".
The minister noted that the steel sector is becoming more vibrant, efficient, environment-friendly and globally competitive supported by various policies of the government and the entrepreneurial spirit of the industry.