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Business News/ News / RBL Bank enters into agreement with Exim Bank for trade finance

Private lender RBL Bank on Monday announced it has entered into an agreement with Export-Import Bank of India (India Exim Bank) under Trade Assistance Programme (TAP)to support cross-border trade transactions.

Under trade assistance programme (TAP) for cross-border transactions, Export-Import Bank of India (India Exim Bank) aims to facilitate India’s exports globally by providing credit enhancement to trade instruments.

"With Exim Bank’s support, RBL Bank will be able to gain footholds in nations, where trade lines are constrained," said RBL Bank in its filing.

Through the programme, India Exim Bank will extend trade lines into the participating overseas banks/institutions in the emerging markets. The credit enhancements to trade instruments provided under TAP, will help mobilise trade finance and would increase support to Indian exporters.

The agreement between the two parties was announced on 27 February, 2023.

“We are happy to partner with India Exim Bank. We believe that our customer-centric approach backed by strong technological offering will be amplified aptly through India Exim Bank’s global network. The financing structure of this arrangement provides us with an opportunity to offer trade services in untapped markets while lowering the risks associated with global trade," said R Subramaniakumar, MD & CEO, RBL Bank.

"We are pleased to partner with RBL Bank and on-board them on India Exim Bank’s Trade Assistance Programme, to support cross border trade transactions involving geographies where trade lines are constrained or where the potential has not been harnessed. Under the programme, India Exim Bank has already supported multiple trade transactions covering a wide range of sectors including agriculture, automotive and automotive parts, capital and engineering goods, food, iron & steel and textiles involving exports to geographies in Africa, Asia and Latin America," said Harsha B Bangari, Managing Director, India Exim Bank.

The company's scrip ended down by 0.098 per cent to 153 on BSE.

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Updated: 27 Feb 2023, 06:14 PM IST
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