Press Esc to close
Tuesday 30 June 2015
News updated at 7:45 PM IST
Weather
Max: 30°C
Min : 21°C
In Bengaluru
Rain lightly

Rate of interest subvention on export credit raised

Mumbai, August 26, 2013, DHNS:

The Reserve Bank of India (RBI) has decided to increase the rate of interest subvention on pre and post shipment rupee export credit for certain employment oriented export sectors to 3 per cent from August 1 compared to 2 per cent earlier, which is aimed to attract dollars and boost exports.

In a notification issued on Monday, RBI has asked banks to reduce the interest rate chargeable to the exporters as per base rate system in the existing sectors eligible for export credit subvention by the amount of subvention available subject to a floor rate of 7 per cent.

“Banks may ensure to pass on the benefit of 3 per cent interest subvention completely to the eligible exporters,” said RBI.

Meanwhile, the rupee closed at 64.31 per dollar this day against its previous close of 63.20 on Friday last.


Go to Top

Photo Gallery
AIADMK supporters celebrate Tamil Nadu Chief Minister Jayalalithaa's victory...

AIADMK supporters celebrate Tamil Nadu Chief Minister Jayalalithaa's victory...

A farmer ploughs his paddy field as monsoon clouds hover in the sky at a village...

A farmer ploughs his paddy field as monsoon clouds hover in the sky at a village...

Actor Shahrukh Khan at the launch of a new range of Tag Heuer watches...

Actor Shahrukh Khan at the launch of a new range of Tag Heuer watches...

Jindal Kamakshi being taken to the dock in Mumbai

Jindal Kamakshi being taken to the dock in Mumbai

A group of elderly Muslims taking rest as they wait for Afternoon prayer at Jamia Masjid...

A group of elderly Muslims taking rest as they wait for Afternoon prayer at Jamia Masjid...

Dark monsoon clouds hover over Albert Hall during rainy day in Jaipur

Dark monsoon clouds hover over Albert Hall during rainy day in Jaipur

Stranded Chardham pilgrims

Stranded Chardham pilgrims

boy, whose parents say they belong to the Rohingya community...

boy, whose parents say they belong to the Rohingya community...

A worker dries vermicelli, used to make a traditional sweet dish...

A worker dries vermicelli, used to make a traditional sweet dish...

A Muslim man calls for the evening prayer...

A Muslim man calls for the evening prayer...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523