Home / Knowledge / News / Apex bank eases credit norms for exporters
Apex bank eases credit norms for exporters
25
Feb '09
Exporters are especially hit by recessionary conditions globally. RBI has taken the following measures to ease credit norms during last few months:-

(i) Enhancing the period of pre-shipment and post-shipment Rupee Export Credit by 90 days each;
(ii) Extending the applicability of prescribed interest rate as applicable to post-shipment rupee export credit to overdue bills upto 180 days w.e.f. date of advance till further notice;
(iii) Reducing CRR, SLR, Repo rate and Reverse Repo rate, with a view to increase liquidity to the Banks;
(iv) Enhancing the limit of Export Credit Refinance (ECR) facility for commercial banks to 50% of the outstanding Rupee Export Credit;
(iv) Increasing the time period of export realization for non-status holder exporters to 12 months;
(v) Reintroduction of Interest Subvention of 2% w.e.f. December 1, 2008 to March 31, 2009 on pre and post shipment rupee export credit for certain employment oriented export sectors. The Finance Minister in his interim Budget Speech 2009 has announced to extend Interest Subvention by further 6 months i.e. upto 30th September, 2009;
(vi) The ceiling rate on export credit in foreign currency raised to LIBOR plus 350 basis points from the present ceiling rate of LIBOR plus 100 basis points with effect from February 5, 2009. Consequently, the ceiling interest rate on the lines of credit with overseas banks for the banks providing export credit raised from six months LIBOR plus 75 basis points to six months LIBOR plus 150 basis points;
(vii) Authorised Dealers Category -1 Banks permitted to consider applications for pre-mature buy-back of FCCBs from their customers;
(ix) Refinance facility to the EXIM Bank for an amount of Rs. 5000 crores for providing pre-shipment and post-shipment credit in Rs. or dollars;
(x) FOREX liquidity has been provided to Indian Public and Private Sector Banks upto June 30, 2009, through forex swaps of tenure upto 3 months;

This information was given by Minister of State for Finance, Shri Pawan Kumar Bansal in reply to a question raised by Shri Sugrib Singh in Lok Sabha on February 25, 2009.

Press Information Bureau


Must ReadView All

Textiles | On 26th Jun 2017

US initiates probe into PSF imported from 5 nations

The department of commerce of the US has initiated investigations for ...

Textiles | On 26th Jun 2017

USTR announces AGOA review for Rwanda, Tanzania & Uganda

The office of the US trade representative (USTR) has announced the...

Textiles | On 26th Jun 2017

Braskem invests in polypropylene production facility in US

The Board of Directors of Braskem, one of the largest producer of...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search