RBI announced Rs.15,000 crore LoC to EXIM Bank to raise its resources

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.
Arjun Manjunadha

Updated: May 22,2020 01:41:46 pm

RBI announced Rs.15,000 crore LoC to EXIM Bank to raise its resources

22 May 2020 Current Affairs:The Reserve Bank of India (RBI) announced Rs.15,000 crore line of credit (LoC) to the Export-Import Bank of India (EXIM) on 22 May. The move by RBI is to help the sagging foreign trade. EXIM Bank depends on foreign currency borrowings for its operations. The Bank has failed to raise the resources due to the COVID-19 pandemic.

Highlights:
♦ 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.
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