Banking News

Banks to expedite resolution with exporters for trade facilitation



The finance ministry has asked banks to engage with exporters and importers and expedite resolution of their problems while appropriately examining compliance requirements. In a statement the finance ministry noted that banks will work closely with Department of Commerce and export promotion councils for trade facilitation and early resolution of problems.
On Monday, financial services secretary Vivek Joshi held a review meeting to address banking and insurance related issues faced by exporters and importers. “To ensure a seamless process, banks were advised to engage with clients to expedite resolution of their problems while appropriately examining compliance requirements,” the ministry noted in a statement.

The meeting was attended by senior officers from Ministry of External Affairs, Department of Commerce, and Ministry of Finance. Functionaries of Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority (IRDAI) along with Chairman, State Bank of India (SBI) and senior executives of major commercial banks.

Joshi asked banks to classify issues faced by them in different categories and indicated that they may consider seeking necessary regulatory guidance from RBI and also develop a standard operating procedure through Indian Banks Association (IBA).

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