EXIM Bank To Replace RBI As Nodal Agency For Export Interest Subvention Scheme

New Delhi, Aug 8 (KNN) The commerce ministry on Friday announced that the Export-Import (EXIM) Bank of India will act as the implementing agency for the interest subvention scheme on pre- and post-shipment export credit under the Export Promotion Mission.

According to a notification issued by the Directorate General of Foreign Trade (DGFT), the scheme was initially run on a pilot basis through the Reserve Bank of India (RBI). 

Following a decision taken at a steering committee meeting, the government has approved the transition of implementation responsibilities to EXIM Bank, PTI reported.

“EXIM Bank shall serve as the implementing agency for all operationalisations, portal management, verification, and claim settlement workflows from 1st April 2026 onwards,” the notice said.

Operational Responsibilities

Under the revised arrangement, EXIM Bank will manage all key functions related to the scheme. These include operational execution, portal management, verification processes, and settlement of claims submitted by participating lending institutions.

Pending Claims with RBI

The DGFT clarified that any supplementary or additional claims from banks for the January–March 2026 quarter will continue to be processed by the RBI, ensuring continuity during the transition phase.

Objective of the Scheme

The interest subvention scheme aims to support exporters by reducing the cost of credit for pre- and post-shipment activities, thereby improving liquidity and competitiveness in international markets.

(KNN Bureau)