RBI eases rules for loans to exporters
MUMBAI (Reuters) - The Reserve Bank of India (RBI) said exporters can now get long-term loans from banks for up to 10 years to service export contracts, easing earlier rules that only allowed loans of up to one year.
Banks can make such payments to exporters with a "satisfactory" track record of three years and adjust these payments against future exports, the RBI notified on Wednesday.
The RBI also said banks cannot charge interest rates exceeding 200 basis points above LIBOR.
In addition, exporters who receive loans of $100 million or above need to report the transaction immediately to the central bank.
(Reporting by Neha Dasgupta and Swati Bhat; Editing by Rafael Nam)
- Tweet this
- Share this
- Digg this
- In his native Alabama, Apple CEO's announcement he is gay prompts discomfort for some
- Islamic State fighters kill 220 Iraqis from tribe that opposed them
- Xiaomi moves into third place in global smartphone war
- UPDATE 5-Bike-riding U.S. nurse defies Ebola quarantine, on collision course with governor
- Nurse defies Ebola quarantine with bike ride; negotiations fail |
India's universal health plan that aims to offer guaranteed benefits to a sixth of the world's population will cost an estimated 1.6 trillion rupees ($26 billion) over the next four years, a senior health ministry official said. Full Article