Export credit subvention extended to March 2012: RBI

Export credit subvention extended to March 2012: RBI

Mumbai: The government has extended the interest subvention of 2% on rupee export credit to 31 March, 2012 for four sectors, the Reserve Bank of India said in a notification on Tuesday.

The interest subvention will be available to handicrafts, handlooms and carpet making sectors, the RBI said.

Exporters from the small and medium enterprise sector will also be able to avail the above facility, it said.

Banks may reduce the interest rate chargeable to exporters as per the base rate system in these sectors by the amount of subvention available, subject to a floor rate of 7%, it said.

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