...........A committee on this issue was set up last year, headed by G Padmanabhan, executive director, RBI, which gave its report in May with recommendations. In addition to inclusion of exports in priority sector lending, the panel recommended an extension of the swap facility, setting up a nodal agency for borrowing in foreign currency from abroad on a pool basis and further lending to these companies in India at competitive rates. “RBI found these recommendations too lenient towards the exporting community and have decided to scrap it,” a senior commerce department official told Business Standard.........
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