DBOD.No. Dir.BC.55/13.03.00/98

June 11, 1998

Interest Rates on Advances

In exercise of the powers conferred by Sections 21 and 35A of Banking Regulation Act, 1949, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby directs that, with effect from June 12, 1998, item 4(4) as indicated in the enclosure to this Directive be added to the Annexure to its Directive No. BC.33/13.03.00/98 dated April 29, 1998 and item 4(4) therein be renumbered as item 4(5).

(S. Gurumurthy)

Executive Director

 

Enclosure to Directive No. Dir. BC. 55/13.03.00/98 dated June 11, 1998

4. Export Credit

(4) The rate applicable to Export

Credit for exports over and
above the level achieved during
the period April 1997-March 1998

(a) Pre-shipment credit upto a                                6.5 per cent

period of 180 days                                                per annum

(b) Post-shipment credit

(i) Demand bills for transit                                      6.5 per cent

period (as specified by                                           per annum
FEDAI)

(ii) Usance Bills                                                       6.5 per cent

(For total period comprising                                     per annum
usance period of export bills,

transit period as specified by

FEDAI and grace period

whichever applicable)  Upto 90 days