Piyush Goyal wants RBI to extend $25 bn line of credit for exports, funds

Goyal said that it is a joint responsibility of banks and government to ensure that export credit at competitive rates is available to businesses

Commerce and Industry Minister Piyush Goyal said Friday that the RBI has been asked to extend $25 billion (Rs 1,73,150 crore) line of credit for exports and ensure that exporters get funds at interest rates not exceeding 2 per cent above LIBOR.

The minister was speaking at a meeting with participants from various public and private sector banks, RBI, EXIM bank, exporters organisations to look into the issues pertaining to export credit sector.

"Goyal put forth the proposal to make credit in foreign currency available to exporters at London Interbank Offered Rate (LIBOR) plus maximum 200 basis points and directed