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
- U.S. SEC to pay $30 million-plus in largest whistleblower award
- Housing data hits Wall Street; S&P has worst day since August 5 |
- Apple sells more than 10 million new iPhones in first 3 days
- US STOCKS-Housing data hits Wall St; S&P has worst day since Aug 5
- India's Mars mission a step closer to success with engine test
The finance ministry is increasingly optimistic that it can meet a tough fiscal deficit target, helped by a 12 percent decline in global crude oil prices since Prime Minister Narendra Modi took charge in May. Full Article