RBI directs banks for tight monitoring of export finance
The Dollar Business Bureau A probe initiated by the Enforcement Directorate on a public sector Bank prompted the Reserve Bank of India issue a directive asking all the banks to tighten and monitor their export finance. A notable hike in the number and volume of advances received for exports remaining outstanding beyond the stipulated deadline on account of non-performance of such exports has forced the RBI to issue such a notification, said sources. Usually, the concerned exporters are reminded by the banks to complete their export commitments within the time limits. The RBI has asked the banks to forward such cases where the exporters fail to meet the export requirements to its regional offices within 21 days from the ...
