RBI/2014-15/249
REF.No.MPD.BC. 374 /07.01.279/2014-15

Ashwina 8,1936(Saka)
September 30, 2014

To

All Scheduled Banks [excluding Regional Rural Banks(RRBs) ]

Dear Sir/Madam,

Export Credit Refinance Facilities

Please refer to our circular No.MPD.372/07.01.279/2013-14 dated June 3, 2014 whereby the eligible limit of export credit refinance (ECR) facility for schedule banks (excluding RRBs) was reduced from the level of 50 per cent of the outstanding rupee export credit eligible for refinance as at the end of the second preceding fortnight to 32 per cent.

2. As indicated in the Fourth Bi-Monthly Monetary Policy Statement, 2014-15 announced today, it has been decided to reduce the eligible limit of ECR facility from the level of 32 per cent of the outstanding rupee export credit eligible for refinance as at the end of the second preceding fortnight to 15 per cent effective from October 10, 2014.

3. Accordingly, part A of the reporting format appearing in Annex III of the Master Circular No.MPD. 373/07.01.279/2014-15 dated July 1, 2014 is modified and enclosed.

Yours faithfully,

(Michael Debabrata Patra)
Principal Adviser