RBI announces gold card scheme for exporters
By Our Banking Bureau | 28 May 2004
Mumbai: The Reserve Bank of India (RBI) has formulated the gold card scheme for exporters. The scheme will enable recognised exporters to get cheaper and faster credit.
The scheme was proposed in the Exim Policy 2003-04 and it said that all credit worthy exporters, including those in small and medium sectors, with good track record will be eligible for a gold card. Individual banks are to lay down the eligibility criteria for issue of the card, said a press release from the RBI.
The RBI has asked banks to clearly specify the benefits they would be offering to the gold cardholders.
The objectives of the scheme include, better terms of credit including rates of interest than those extended to other exporters by the banks, faster and simpler processing of applications for credit, sanction of `in principle' limits for a period of three years with a provision of timely renewal, preference for grant of packing credit in foreign currency.
The gold cardholders, on the basis of their track record of timely realisation of export bills, will also be considered for issuance of foreign currency credit cards for meeting urgent payment obligations, said the release.
