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RBI Announced Rs 15,000 crore to EXIM Bank

Published on May 23, 2020
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
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