RBI Exempts SWAMIH Fund from AIF Rules
BENGALURU: The Reserve Bank of India has announced a waiver of its stringent regulations concerning alternate investment funds (AIF) for a government-supported real estate rescue fund, as disclosed in a notification on Friday. The fund, named the Special Window for Affordable and Mid-Income Housing (SWAMIH), was established in 2019 to assist struggling real estate projects with debt financing for halted housing initiatives. SWAMIH is managed by SBICAP Ventures, a subsidiary of the government-owned State Bank of India, which is also a significant investor in the fund. Last year, the RBI mandated that banks and non-banking finance companies increase their provisions…