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BoB nod to funding Amrapali projects: SC asks other banks to follow suit

Business Standard  

In a relief for several thousand home buyers, the Supreme Court has directed the consortium of banks to follow the footsteps of Bank of Baroda, which has issued a sanction order to grant funding for the stalled Amrapali housing projects. The apex court has directed the other members of the six-bank consortium, which also includes the State Bank of India, UCO Bank, Punjab National Bank, Bank of India, and Punjab and Sindh Bank to pass similar orders and release the funds for housing projects. Bank of Baroda has sanctioned INR 300 crore for the funding of the stalled projects. The total funding from the banks is expected to be close to INR 1,500 crore.