Private lender RBL Bank on Monday announced that it has entered into an agreement with Export-Import Bank of India (India Exim Bank) under the Trade Assistance Program (TAP) to support cross-border trade transactions.
Under the Trade Assistance Program (TAP) for cross-border transactions, the Export-Import Bank of India (India Exim Bank) aims to facilitate India's exports globally by providing credit enhancement to trade instruments.
In its filing, RBL Bank said, "With the support of Exim Bank, RBL Bank will be able to gain a foothold in countries that have trade borders."
Through the programme, India Exim Bank will extend business lines to participating foreign banks/institutions in emerging markets. The credit enhancement for trade instruments provided under TAP will help in mobilizing trade finance and enhance support to Indian exporters.
The agreement between the two parties was announced on February 27, 2023.
“We are delighted to partner with India Exim Bank. We believe that our customer-centric approach backed by strong technology offerings will be suitably extended through India Exim Bank's global network. The financing structure of this arrangement will enable us to provide an opportunity to offer trading services in untapped markets while minimizing the risks associated with trading."
“We are pleased to partner with RBL Bank and include them in India Exim Bank's Trade Assistance Program to support cross-border trade transactions involving geographies where trade lines are disrupted or where capacity utilization is limited. Under the programme, India Exim Bank has already approved exports from geographies in Africa, Asia and Latin America, including agriculture, motor vehicles and motor vehicle parts, capital and engineering goods, food, iron and steel and textiles. Connected has supported numerous business transactions covering a wide range of sectors," said Harsha B Bangari, Managing Director, India Exim Bank.
