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Sunday, Sep 22, 2019

RBI to soon offer foreign exchange credit to exporters at sub- 4% interest rate

Export credit disbursement declined 23% to ₹9.57 trillion. India’s exports declined 0.37% to $107.41 billion during April-June.

business Updated: Sep 12, 2019 13:27 IST
Asit Ranjan Mishra
Asit Ranjan Mishra
livemint
The Export Credit Guarantee Corporation of India may also come out with a credit scheme with enhanced insurance cover up to 90% instead of 60% at present.
The Export Credit Guarantee Corporation of India may also come out with a credit scheme with enhanced insurance cover up to 90% instead of 60% at present.(Mint File Photo)
         

The Reserve Bank of India will soon provide foreign exchange credit to exporters at sub- 4% interest rate, trade minister Piyush Goyal said on Thursday. “We will come out with robust guidelines soon,” Goyal said while addressing the Board of Trade meeting.

Export credit disbursement declined 23% to ₹9.57 trillion. Goyal said the government was concerned about the fall in export credit and have discussed the matter with RBI and finance minister Nirmala Sitharaman.

The Export Credit Guarantee Corporation of India may also come out with a credit scheme with enhanced insurance cover up to 90% instead of 60% at present providing comfort to the banks, a government official said, requesting anonymity.

According to government data, India’s exports declined 0.37% to $107.41 billion during April-June.

First Published: Sep 12, 2019 13:26 IST