Money & Banking

RBI extends ₹15,000 crore credit line for EXIM Banks

Our Bureau Mumbai | Updated on May 22, 2020

The Reserve Bank of India (RBI) on Friday decided to extend a ₹15,000 crore line of credit to the Export-Import Bank of India (EXIM Bank) for 90 days to meet its foreign currency resource requirements. The central bank also said it will rollover its ₹15,000 crore special refinance facility for the Small Industries Development Bank of India (SIDBI) by another 90 days.

The line of credit for EXIM Bank comes with a rollover of up to one year so as to enable it to avail a US dollar swap facility.

The RBI had earlier announced a special refinance facility of ₹15,000 crore to SIDBI at RBI’s policy repo rate (now at 4 per cent against 4.40 per cent earlier) for a period of 90 days for on lending/refinancing. This will provide greater flexibility to SIDBI.

“In order to provide greater flexibility to SIDBI, it has been decided to roll over the facility at the end of the 90th day for another period of 90 days,” the RBI said.

Published on May 22, 2020

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