PNB Housing raises Rs 690 crore from IFC to push affordable housing

PNB Housing Finance has raised $100 million (Rs 690 crore) from the International Finance Corporation, for providing small and medium ticket housing loans. Official data suggests that India needs to build 11 million homes in the affordable housing segment. Nearly 50 million people do not have adequate housing. The investment was made under the central bank’s automatic route. RBI has allowed PNB Housing to borrow up to $750 million annually in ECB under the automatic route.