India govt clears 12 FDI proposals worth Rs14b

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NEW DELHI, Sept 18 (PTI): The government yesterday cleared 12 proposals, including National Housing Bank's (NHB) Rs 5.70 billion plan, which will bring over Rs 14 billion of foreign direct investment (FDI) into the country.
The proposals, cleared by Finance Minister P Chidambaram on the recommendation of the foreign investment promotion board, included a Rs5.7-billion proposal from housing finance regulator NHB to set up a joint venture in the field of mortgage guarantee activities.
NHB will set up the JV with United Guaranty Corporation and International Finance Corporation, both from the United States.
The JV will address the issue of loan defaults which would help banks spread lending activities across all segments and lower their risks.