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).
- 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
a. NABARD
b. Co-operative Banks
c. EXIM Bank
d. RRBs
