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Deregulation of Interest Rates on Export Credit in Foreign Currency


 Notice Date : 04 May 2012

RBI/2011-12/534
DBOD.DIR.No.100/04.02.001/2011-12
 
May 4, 2012
 
All Scheduled Commercial Banks
(Excluding RRBs)
 
Dear Sir / Madam,
 
Deregulation of Interest Rates on Export Credit in Foreign Currency
 
Please refer to our circulars DBOD. DIR. No. 52/04.02.001/2011-12 dated November 15, 2011 and DBOD. DIR. No. 91/04.02.001/2011-12 dated March 30, 2012 relating to interest rates on export credit in foreign currency.
 
2. With a view to increasing the availability of funds to exporters, it has been decided to allow banks to determine their interest rates on export credit in foreign currency with effect from May 5, 2012.
 
3. A directive DBOD.DIR.No.99/04.02.001/2011-12 dated May 4, 2012, issued in this regard is enclosed.
 
Yours faithfully
 
(Rajesh Verma)
Chief General Manager
 
DBOD.DIR.BC.No.99 /04.02.001/2011-12
 
May 4, 2012
 
Deregulation of Interest Rates on Export Credit in Foreign Currency
 
In exercise of the powers conferred by Sections 21 and 35A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby directs that it has been decided to allow banks to determine their interest rates on export credit in foreign currency with effect from May 5, 2012.
 
(B. Mahapatra)
Executive Director
 
 

Guest
on 05 May 2012
Notification No : RBI/2011-12/534
Published in Others
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