The Federation of Indian Export Organisations, India’s main body for exporters, has demanded that the interest rate banks charge on foreign currency loans to exporters be reduced to pre-liquidity crisis level. The Reserve Bank of India on 19 February had lowered the foreign currency export credit rate to 200 basis points above the international short-term interest rate benchmark known as the London Interbank Offered Rate (LIBOR), from the LIBOR ceiling rate plus 350 basis points.
(Source: The Hindu Business Line)