IECD.No. 19 /04.02.01/98-99

March 3, 1999

The Chairmen /Chief Executives
of all commercial banks

Dear Sir,

Please refer to our Circular IECD.No.5/04.02.01/98-99 dated August 6, 1998 and MPD Circular No.BC.184/07.01.279/98-99 dated March 1, 1999.

2. As indicated in para 3 of our MPD Circular referred to above, effective April 1, 1999, interest rates on pre-shipment and post-shipment rupee credit will stand revised. The revised rates are given in the Annexure.

3. The revision in the interest rates as above, with effect from April 1, 1999, will be applicable not only to fresh advances but also to existing advances for the remaining period of credit.

4. A copy of the Directive DBOD.No.BC.19/13.07.01/99 dated March 3, 1999, containing the changes made in the interest rates on rupee export credit as indicated above, is enclosed.

Yours faithfully,

(M.G. Srivastava)
Chief General Manager

Encls. : As above.

RESERVE BANK OF INDIA
CENTRAL OFFICE
DEPARTMENT OF BANKING OPERATIONS AND DEVELOPMENT
CENTRE 1, WORLD TRADE CENTRE,
CUFFE PARADE, COLABA,
MUMBAI - 400 005

DIRECTIVE DBOD. No. BC.19/13.07.01/99

March 3, 1999

In exercise of the powers conferred by Sections 21 and 35A of the Banking Regulation Act, 1949, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby directs that the interest rate on rupee export credit indicated in Annexure to its Directive DBOD. No. Dir. BC. 77/13.07.01/98 dated August 6, 1998 be changed as indicated in the Annexure enclosed to this Directive, from April 1, 1999.

(S. Gurumurthy)
Executive Director

Encl: As above.

(Per cent per annum)