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Consortium for Infra projects initiated by 9 Banks in India

Nine financial institutions in India decided to join hands in creating a consortium funding to infra projects that is worth over 1,000 crore each. The banks that are involved in this consortium are State Bank of India, Punjab National Bank, Bank of India, Bank of Baroda, Canara Bank, Union Bank, IDBI Bank, IIFCL and LIC.

IDBI Bank Logo

IDBI Bank

The purpose of this is to make sure that there is uniformity in approach and in the terms on lending. With this infrastructure projects could easily be granted the loan they need for their infrastructure projects. Banks have been very much cautious when it comes to lending for infrastructure projects due to varied reasons and this include land issues.

Union Bank Logo

Union Bank

For the record, the country is definitely not doing well when it comes to infrastructure which is also the reason why growth is not quite experienced in the country. The estimated investment for this to be addressed well is about USD 1 trillion from year 2012-2017. In this investment, it is calculated that the private sector would contribute about 50 per cent of this.

Canara Bank Logo

Canara Bank

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