Central Banking

RBI eases bank export credit rules post-quake

The Reserve Bank of India (RBI) has allowed banks to extend export loan maturities and waive some interest charges to exporters affected by last month's [January 2001] earthquake in the western India state of Gujarat. In a directive issued on Feb. 6 to bank chiefs, the RBI said the period for which pre-shipment credit is normally granted can be extended to exporters affected by the earthquake. Overdue credit could be converted into short term loans with the normal penal interest being waived,

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