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Informist, Wednesday, Sept. 23, 2026

 

NEW DELHI – Export-Import Bank of India's government-supported line of credit of INR 48.50 billion to Maldives has been operationalised on Aug. 27, the Reserve Bank of India notified Wednesday. Individual projects of at least INR 5 billion can be sanctioned under the umbrella, with the last day of disbursement under the agreements up to 48 months after the date of the contract's scheduled completion. 

 

The line of credit is to support developmental works in the island nation, with Export-Import Bank signing an agreement with the Maldives government in July 2025. Eligible goods and services from India can be exported to Maldives, provided 75% of the value must be supplied from within India with the remaining 25% potentially procured from a third country, the RBI said.

 

"No agency commission is payable for export under the above LoC," the regulator said. "However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners' Foreign Currency Account for payment of commission in any foreign currency." Authorised dealer – I banks – can approve the remittance, provided it complies with norms on agency commission, the RBI said.  End

 

Reported by Aaryan Khanna

Edited by Deepshikha Bhardwaj

 

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