Govt directs commercial banks

Sending positive signs from the easing cash crunch for the real estate sector, DK Mittal, Secretary for Department of Financial Services, recently directed commercial banks to focus on funding partially completed projects on priority basis besides developing projects in small towns. Presiding over a joint meeting of IBA (Indian Bankers Association) and developers apex body CREDAI at SBI in Mumbai, he asked the real estate industry to conduct a survey of unsold housing stock in cities in batches so that their value could be unlocked. Contact: Department of Financial Services. Tel: 011-2334 0222. Website: www.financial services.gov.in