India's apex bank the Reserve Bank of India extended concessional interest rate scheme to exporters till October this year, giving a relief to the exporters affected by the global economic crisis, reported the PTI.
The ceiling of interest rate on pre-shipment rupee export credit up to 270 days and post-shipment credit up to 180 days at BPLR minus 2.5% was to expire on April 30, 2009. The Federation of Indian Export Organizations demanded that exporters should be given credit at 7% without linking the prime-lending rate.
The exporters have been hit by recession in major markets of the US, Europe and the Middle East, which together accounts to over 70% of India's overseas sales.
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