ANNOUNCED AS TEMPORARYNo
Effective 3 June 2014, the Reserve Bank of India (RBI) reduced the limit of the Export Credit Refinance facility that allows banks to raise funding from the RBI to a certain extent of the export credit lent out by these banks. With the amendment, scheduled commercial banks can now raise credit from the RBI up to only 32% of their outstanding rupee export credit volume. Prior to the change, banks were allowed to refinance up to 50% of this asset class.
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