RBI announced LoC to EXIM Bank to raise its resources

The Reserve Bank has announced a Rs 15,000-crore line of credit to the Export-Import Bank of India, to help the sagging foreign trade.

The EXIM Bank will be given LoC of Rs.15,000 crore for a period of 90 days from the date of availing with rollover up to a maximum period of one year.

It will the Bank to avail of a US dollar swap facility to meet its foreign exchange requirements.

RBI has decided to increase the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from the existing one year to 15 months, for disbursements made up to 31 July 2020.