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Export Credit Refinance Facility (ECR) relaxed in India
18 Jun '12
1 min read
With a view to enhancing the credit flow to the export sector, Reserve Bank of India (RBI) has decided to enhance the eligible limit of the Export Credit Refinance (ECR) facility for scheduled banks (excluding RRBs) from 15 per cent of the outstanding export credit eligible for refinance to 50 per cent, effective fortnight beginning June 30, 2012.
This will provide additional liquidity support to banks of over `300 billion.
The rate of interest charged on the ECR facility will continue to be the prevailing repo rate under the Liquidity Adjustment Facility(LAF), which is currently 8.0 per cent.
At present, the Export Credit Refinance ECR limit is fixed at 15 per cent of the outstanding rupee export credit eligible for refinance as at the end of the second preceding fortnight.
Reserve Bank of India (RBI)
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