Consortium of 6 banks approves incomplete Amrapali projects funding

The Supreme Court was told on March 21 that a consortium of six of the seven banks had given their final approval for financing for the completion of the Amrapali housing projects, even as the Reserve Bank of India (RBI) objected to the bank financing scheme.

Six of the seven banks that are members of the consortium have submitted their final approvals, according to Supreme Court-appointed trustee R Venkataramani. Indian Bank has yet to provide necessary documentation, including final approvals, he told the court.

State Bank and Punjab National Bank have also issued sanction orders for allocating money for Amrapali projects, the trustee said.

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