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  • Housing loan limits at cooperative banks doubled

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SBI was the top gainer, leading the markets higher.

Indian stock markets surged on Wednesday right after the RBI's monetary policy. The surge in the equity markets was led by PSU banks and realty stocks.

Nifty indices tracking these two sectors were in the green by up to 2.5 percent. Nifty Realty was up 2.5 percent and the Nifty PSU bank index was 2 percent higher. SBI was the top gainer, leading the markets higher. Not just PSBs, even private financiers were moving up.

This comes as the RBI doubled the limits on individual housing loans by the cooperative banks. The enhancement in the limits has come for the first time after 2011.

The limits for Tier I/Tier II Urban Cooperative Banks shall stand revised from Rs 30 lakh/Rs 70 lakh to Rs 60 lakh/Rs 1.40 crore, respectively. As regards Rural Cooperative Banks, the limits shall increase from Rs 20 lakh to Rs 50 lakh for RCBs with an assessed net worth less than Rs 100 crore; and from Rs 30 lakh to Rs 75 lakh for other RCBs.

"Taking into account the increase in housing prices since the limits were last revised and considering the customer needs, it has been decided to increase the existing limits on individual housing loans by cooperative banks," the press release said.

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