India approves $1.4 bln fund to help stalled housing projects - minister

India's cabinet on Wednesday approved a 100 billion rupees ($1.41 billion) fund to help clear stalled housing projects, Finance Minister Nirmala Sitharaman told a news conference.

India's state lender State Bank of India (SBI) and state-run insurance company Life Corporation of India, sovereign and pension funds would also contribute to the fund, she said.

The fund will help nearly 1,600 stalled housing projects in the country, she said. ($1 = 70.9690 Indian rupees)

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