India introduces gold card scheme for exporters

Tuesday, 18 May 2004, 19:30 IST
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MUMBAI: Reserve Bank of India (RBI) Governor Y.V. Reddy Tuesday announced a gold card scheme for creditworthy exporters with good track record for easy grant of loans on best possible terms. In a meeting with chief executives of commercial banks here, Reddy said the new scheme would consider waiver of collaterals and exemption from export guarantee on the basis of creditworthiness and track record. The proposal for the gold card scheme was made in the Export-Import Policy for 2003-04. Other features of the scheme are: * All creditworthy exporters, including those in small and medium sectors with good track record, would be eligible for the scheme from banks. * The specific benefits being offered by the banks would be clearly spelt out. * Banks would process requests from cardholders within a prescribed time-frame. * In-principle limits would be set for a period of three years with a provision for stand-by limit of 20 percent to meet urgent credit needs. * Cardholders would be given preference in the matter of granting of packing credit in foreign currency.
Source: IANS
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