RBI Grants Exemption to SWAMIH Fund-I under AIF Investment Directions, 2025

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SWAMIH Fund RBI exemption
Press Release: 2025-2026/1375, Dated: 24.10.2025

The Reserve Bank of India (RBI) has decided to enlist the SWAMIH (Special Window for Affordable and Mid-Income Housing) Investment Fund-I under the exemption category provided in paragraph 7(b) of the RBI (Investment in Alternative Investment Funds) Directions, 2025.

1. Key Provision

Under this exemption, investments in the SWAMIH Fund-I will be excluded from the applicability of the specific provisions of the AIF Directions, except for the general requirement stipulated under paragraph 5 of the same Directions and any relevant earlier circulars issued by the RBI on the subject.

2. Objective and Context

The decision recognises the unique policy role of the SWAMIH Fund, which was established by the Government of India to provide last-mile funding for stalled affordable and mid-income housing projects.

By granting this exemption, the RBI aims to:

  • Facilitate continued investment support to the affordable housing sector,
  • Ease regulatory constraints for entities investing in SWAMIH Fund-I, and
  • Promote financial stability and liquidity in the real estate and housing finance ecosystem.

3. Effective Date

The decision comes into immediate effect, aligning with the implementation of the RBI (Investment in AIF) Directions, 2025.

Click Here To Read The Full Press Release

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied