Finance ministry urges banks to promptly resolve exporters’ issues.

The finance ministry has urged banks and insurance companies to swiftly address issues faced by exporters and facilitate international trade. The meeting, chaired by Financial Services Secretary Vivek Joshi and attended by senior officials from various ministries, discussed the challenges encountered by exporters and importers. Joshi advised banks to categorize the issues and seek regulatory guidance from the Reserve Bank of India (RBI) while developing a standard operating procedure through the Indian Banks Association (IBA). Representatives from the RBI, the Insurance Regulatory and Development Authority (IRDAI), and major commercial banks were also present. The meeting also highlighted discussions with the IRDAI on insurance-related matters faced by traders. Joshi emphasized the importance of collaboration between banks, the Department of Commerce, and export promotion councils to facilitate trade and resolve issues promptly. The government, along with the RBI and the IRDAI, consistently engages with stakeholders to understand operational challenges and find solutions. Specific operational issues, such as delays in issuing e-bank realization certificates and overdue letters of credit, were also addressed during the meeting. Banks assured that they continue to facilitate trade transactions while ensuring compliance with regulatory guidelines. They have actively resolved issues by engaging with clients. Banks were advised to work closely with clients to expedite problem resolution while adhering to compliance requirements.

The Finance Ministry has urged banks to swiftly address the concerns of exporters in order to facilitate smoother operations. Recognizing the importance of the export sector in boosting economic growth and foreign exchange earnings, the ministry has emphasized the need for expeditious resolution of any issues faced by exporters. By promptly addressing these concerns, banks can contribute to the overall development of the export industry and strengthen the country’s economy.

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