RBL Bank and India Exim Bank Join Hands to Boost Cross-Border Trade
On February 27, 2023, RBL Bank, a leading private lender in India, announced its partnership with Export-Import Bank of India (India Exim Bank) to support cross-border trade transactions. The agreement falls under the Trade Assistance Programme (TAP), a scheme designed by India Exim Bank to enhance credit facilities for trade instruments, thus facilitating India’s exports globally.
RBL Bank will benefit from Exim Bank’s support in gaining a foothold in countries where trade lines are limited. This programme will enable India Exim Bank to extend trade lines into participating overseas banks and institutions in emerging markets. TAP’s credit enhancements to trade instruments will mobilize trade finance and increase support to Indian exporters.
“We are delighted to partner with India Exim Bank. Our customer-centric approach and strong technological offering will be amplified aptly through India Exim Bank’s global network. The financing structure of this arrangement provides us with an opportunity to offer trade services in untapped markets while lowering the risks associated with global trade,” said R Subramaniakumar, MD & CEO of RBL Bank.
Harsha B Bangari, Managing Director of India Exim Bank, expressed his pleasure in onboarding RBL Bank on the Trade Assistance Programme. “India Exim Bank has already supported multiple trade transactions involving exports to geographies in Africa, Asia, and Latin America, covering a wide range of sectors, including agriculture, automotive and automotive parts, capital and engineering goods, food, iron & steel, and textiles,” he added.
The partnership announcement had a minor impact on RBL Bank’s scrip, which ended down by 0.098 per cent to ₹153 on the Bombay Stock Exchange (BSE).
With the TAP scheme, India Exim Bank aims to facilitate the growth of Indian exports globally and promote cross-border trade. This collaboration with RBL Bank is expected to be mutually beneficial and further enhance India’s position in the international trade market.
About RBL Bank:
RBL Bank is a banking company engaged in providing a wide range of banking and financial services including wholesale banking, retail banking, treasury operations and other banking related activities.
About Exim Bank:
Exim Bank was established by the Government of India, under the Export-Import Bank of India Act, 1981 as a purveyor of export credit, mirroring global Export Credit Agencies. Exim Bank serves as a growth engine for industries and SMEs through a wide range of products and services.
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