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Current Affairs

RBI Announced Rs 15,000 crore to EXIM Bank

Current Context: Reserve Bank of India has announced a Rs 15,000 crore line of credit (LoC) to the Export-Import Bank of India (EXIM).
RBI Announced Rs 15,000 crore to EXIM Bank
  • This move has been taken by RBI to stimulate the foreign trade as the operation of EXIM bank depends on foreign currency borrowings.
  • RBI has decided to offer the support to EXIM Bank as it has failed to raise its operation due to pandemic situation of COVID-19.
  • The LoC of Rs.15,000 crore for a period of 90 days from the date of availing with rollover up to a maximum period of one year will be granted to EXIM Bank by RBI.
  • RBI has decided to increase the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from the existing one year to 15 months, for disbursements made up to 31 July 2020.
  • Static Part: 
    • Headquarters of RBI– Mumbai, Maharashtra
    • Governor of RBI – Shaktikanta Das
    • Deputy Governors of RBI– Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra.
    • HQ of EXIM Bank- Mumbai

Question: 

Q.1 To which of the following financial organisation, RBI has decided to offer LoC of Rs.15,000 crore to boost its operation?
a. NABARD
b. Co-operative Banks
c. EXIM Bank
d. RRBs
RBI Announced Rs 15,000 crore to EXIM Bank RBI Announced Rs 15,000 crore to EXIM Bank Reviewed by Neha Verma on May 23, 2020 Rating: 5

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