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As the first tranche of funding assistance for Indian Railways’ projects, the Life Insurance Corporation of India (LIC) on Tuesday handed over a cheque for ₹2,000 crore to the Indian Railway Finance Corporation (IRFC).
The funds are to be made available at a rate of 30 basis points above the 10-year benchmark yield.
The loan tenure is 30 years with a moratorium of five years followed by payment of interest only from the sixth to the 10th year, said an official statement. From the 11th to the 30th year, the loan will be repaid in equated instalments.
The cheque was handed over by SB Mainak, Managing Director, LIC, to Rajiv Dutt, MD, IRFC, in the presence of Railway Minister Suresh Prabhu.
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