October 8, 2018 / 1:50 PM / 13 days ago

India's National Housing Bank raises refinance limit

Oct 8 (Reuters) - India's National Housing Bank will raise its refinance limit to 300 billion rupees ($4.05 billion) for the year to June, 2019 in an effort to make funds available to housing finance companies, the country's finance ministry said bit.ly/2QAnTNc on Monday.

The financial institution, which regulates mortgage finance companies, had initially set a limit of 240 billion rupees.

The revision in the refinance limit comes on the back of rising contagion fears after IL&FS, a major infrastructure financing and construction company, defaulted on some of its debt obligations.

$1 = 74.0600 Indian rupees Reporting by Chris Thomas in Bengaluru Editing by James Emmanuel

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