The Reserve Bank of India has expressed its reservations on the policy for special economic zones (SEZ) & has ruled out any concessional finance to developers and units in these zones. RBI wants that they should be treated on par with other realty projects.
RBI has directed nationalized banks to offer credit to SEZs on the same terms and conditions as offered to real estate developers.RBI has notified that the exposure of banks to entities for setting up SEZs or for acquisition of units in SEZs,which includes real estate, would be treated as exposure to commercial real estate sector with immediate effect.
RBI's views lend support to apprehensions expressed by the finance ministry and the IMF that SEZs would take away resources from other areas and lead to uneven development and would lead to massive revenue loss to the exchequer.
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