Topics Covered: Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes; mechanisms, laws, institutions and bodies constituted for the protection and betterment of these vulnerable sections.
Special Window for Affordable & Mid-Income Housing (SWAMIH):
Centre’s Special Window for Affordable & Mid-Income Housing (SWAMIH) has completed its first residential project.
- The residential project — Rivali Park in suburban Mumbai — is the first housing project in India to have received funding under the SWAMIH Fund.
About SWAMIH Fund:
- The SWAMIH Fund was launched by Sitharaman in November 2019.
- SWAMIH Investment Fund has been formed to complete construction of stalled, RERA-registered affordable and mid-income category housing projects which are stuck due to paucity of funds.
- The fund was set up as a Category-II AIF (Alternate Investment Fund) debt fund registered with SEBI.
- The Investment Manager of the Fund is SBICAP Ventures, a wholly-owned subsidiary of SBI Capital Markets, which in turn is a wholly-owned subsidiary of the State Bank of India.
- The Sponsor of the Fund is the Secretary, Department of Economic Affairs, Ministry of Finance.
Who will be the investors of the fund?
AIFs created/funded under the Special Window would solicit investment into the fund from the Government and other private investors including cash-rich financial institutions, sovereign wealth funds, public and private banks, domestic pension and provident funds, global pension funds and other institutional investors.
- What is an Alternative Investment Fund? Types?
- Investment Manager of the SWAMIH Fund?
- Sponsor of the fund?
- Who can invest?
- What will it be used for?