Interest Rate Subvention Scheme on Export Credit to be closed
The scheme of providing interest subvention of 2 percentage points per annum to all scheduled commercial banks in respect of rupee export credit to specified categories of exporters is finally being withdrawn.
Coverage of the interest subvention scheme in respect of rupee export credit to specified categories of exporters was widened and the validity of the scheme was extended on number of occassions earlier.
In a notification dated August 1 2008- "Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby directs that interest rates subvention scheme on export credit would be brought to a close with effect from September 30,2008."
Full Text of First Quarter Review of RBI's Annual Policy Statement 2008-09
Highlights of First Quarter Review of its Annual Policy Statement 2007-08
Macroeconomic and Monetary Developments: First Quarter 2008-09
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