The Presidents/ CEOs,
All Banks.

Dear Sirs / Madam,

Export Finance Scheme - Modification in Procedure for Refinance

Please refer to the instructions issued vide SME & MFD Circular No.03 dated 31st July, 2007 on the captioned subject.

2. It is clarified that the amount of refinance not provided by the State Bank i.e., component of the export credit provided by the banks under the Scheme @ 7.5% from their own sources, would be deducted from the Total Time and Demand Liabilities (TDL) determined for the purpose of computation of both Cash Reserve Requirement (CRR) and Statutory Liquidity Requirement (SLR).

3. Other instructions on the subject shall remain unchanged.

Please acknowledge receipt.