Karnataka Bank holds exporters’ meet in Panipat

Karnataka Bank has decided to reimburse the interest subvention on export credit upfront on a monthly basis with effect from July 1, according to its Managing Director, P. Jayarama Bhat.

A bank release said here on Monday that Bhat was speaking after inaugurating an exporters’ meet, jointly organised by Karnataka Bank, the Federation of Indian Export Organizations (FIEO) and Panipat Exporters’ Association, in Panipat recently.

Bhat said the bank treats export credit as national priority, and it is committed to provide export credit to all the eligible exporters at a competitive interest rate.

S.K. Singh, Assistant General Manager of Reserve Bank of India, explained the recent developments in forex market and the measures taken by RBI to control the rupee decline against other foreign currencies.

A.K. Rastogi, Additional Commissioner, Central Excise, highlighted various issues related to the Excise Department and the measures taken by the department to promote exports. Ajay Sahai, Director General and Chief Executive Officer of FIEO, also spoke.

During the open house session, various issues related to banking and government support to exporters were discussed. More than 150 exporters in and around Panipat participated in the exporters’ meet, the release added.