RBI eases banking and document handling procedures for exporters

Moves come as a major relief to a sector that is struggling to recovery from the impact of Covid-19

The Reserve Bank of India (RBI) on Friday announced measures to ease procedures for exporters, bringing some respite to traders at a time when exports are suffering due to fresh Covid-induced lockdowns in major markets.
 
Exporters said while the measures would reduce transaction time and hassles, the RBI should have addressed some other teething issues such as payment from a third country.
 
Currently, some procedures need to be approved by the central bank. The RBI on Friday removed this clause, allowing banks to decide on their own.
 
For instance, banks will now be able to regularise exports