Blocked trade credit – including export finance – is threatening to bring parts of the Indian economy to a standstill, particularly small and medium sized businesses.
The Reserve Bank of India on Saturday night more than doubled the funds it makes available for banks to refinance export credit at favourable interest rates to Rs220bn ($4.5bn) and extended the export credit repayment window for exporters to nine months from six months.
“There are indications that the global slowdown is deepening with a larger than originally expected impact on the domestic economy,” the RBI said.
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