Mumbai-based RBL Bank has signed a Memorandum of Understanding (MoU) with Export-Import Bank of India (India Exim Bank) under the Trade Assistance Programme (TAP). The partnership aims to facilitate cross-border commercial operations by providing credit enhancement to trade instruments. RBL Bank is a private lender in India with a strong focus on digital banking and has a significant presence in the Indian financial market.
India Exim Bank will open new trade channels with the participating foreign banks and institutions in emerging countries through the programme. The TAP’s credit upgrades for trade instruments will encourage the mobilisation of trade financing and strengthen aid to Indian exporters.
The assistance programme for cross-border transactions intends to facilitate India’s exports globally. This program will help the country’s exporters get access to credit on better terms, reduce transaction costs, and increase the overall efficiency of cross-border trade. The credit enhancement will be provided to banks, financial institutions, and other entities involved in facilitating cross-border transactions.
The MoU was signed in the presence of Ms. Harsha B. Bangari, Managing Director of India Exim Bank, and Mr. R. Subramaniakumar, MD & CEO of RBL Bank, at India Exim Bank’s headquarters in Cuffe Parade on February 27, 2023. The agreement will further strengthen the relationship between the two banks and provide a significant boost to cross-border trade.
Commenting on the partnership, Mr. R. Subramaniakumar, MD & CEO of RBL Bank, said, “We are excited to partner with India Exim Bank in its endeavour to promote cross-border trade. This agreement is a significant milestone in our journey towards becoming a leading player in trade finance. We are confident that our partnership will enable us to provide better services to our customers and help them expand their businesses globally.”
India Exim Bank’s Managing Director, Ms. Harsha B. Bangari, expressed her confidence in the partnership and stated that the bank’s TAP program is aimed at providing financial support to Indian exporters and importers in their cross-border transactions. She added, “We are pleased to have RBL Bank as a partner in this endeavor, and we are confident that this association will be mutually beneficial.”
RBL Bank’s digital banking platform and extensive network will enable it to provide better services to its customers, including exporters and importers, by leveraging India Exim Bank’s assistance programme. With this partnership, RBL Bank will be able to enhance its trade finance offering and provide a more comprehensive range of solutions to its customers.
The partnership between RBL Bank and India Exim Bank is expected to have a positive impact on cross-border trade and further strengthen India’s position in the global market. The credit enhancement provided under the assistance program will enable Indian exporters to get better terms and reduce transaction costs, making them more competitive in the global market. The partnership is also expected to enable RBL Bank to enhance its trade finance offering and provide more comprehensive solutions to its customers.
RBL Bank Limited shares were last seen trading on the BSE for Rs. 152.40, down from the previous close of Rs. 153.15. A total of 352441 shares were moved in roughly 3021 trades during the day. The stock’s intraday high and low were Rs. 154.40 and 150.70, respectively. The daily net turnover was Rs. 53685938.00. The company’s stock ended the day on the BSE down 0.098 percent to 153.
