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

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.

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