Govt announces interest subvention scheme for export credit under EPM

RBI notifies interest subvention scheme Niryat Prothsahan, directing banks to extend subsidised pre- and post-shipment export credit under EPM

The government has announced an interest subvention scheme for pre- and post-shipment export credit under the Export Promotion Mission (EPM), titled Niryat Prothsahan, the Reserve Bank of India (RBI) said in a notification on Monday.

 

Under the instructions, lending institutions are required to extend interest subvention on export credit in line with the scheme provisions and in compliance with regulatory instructions issued by the RBI.

 

“In terms of the above instructions, eligible lending institutions shall extend the benefit of interest subvention to eligible exporters strictly in accordance with the provisions of the scheme, and subject to compliance with the extant regulatory instructions issued by the Reserve Bank,” the notification said.

 

 

Lending institutions have been directed to ensure that interest subvention is provided only for export credit covered under the scheme. Claims are to be submitted in accordance with procedures prescribed from time to time.