CIM asks bankers to ease export credit

The recent findings of the Reserve Bank of India suggest that the export credit by banks dropped 36.1% year-on-year as of June 21, even on a low base (it had contracted 42.7% a year earlier). In order to tackle the situation, Commerce and Industry Minister, Shri Piyush Goyal interacted with some senior public-sector bankers beseeching them to push for easier and greater flow of loans at cheaper rates. The government is already in negotiations with the central bank regarding easing priority-sector lending norms for exports.