Finance Ministry Urges Banks to Prioritize Exporters and Importers' Concerns

The finance ministry has directed banks to actively engage with exporters and importers to swiftly resolve their issues while ensuring adherence to compliance requirements. In a recent statement, the ministry emphasized the collaboration between banks, the Department of Commerce, and export promotion councils to facilitate trade and resolve challenges promptly.

Financial services secretary Vivek Joshi chaired a review meeting on Monday to address banking and insurance-related issues encountered by exporters and importers. The ministry highlighted the importance of banks working closely with clients to expedite issue resolution while ensuring compliance.

The meeting saw the participation of senior officials from the Ministry of External Affairs, the Department of Commerce, and the Ministry of Finance. Additionally, representatives from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority (IRDAI), the Chairman of the State Bank of India (SBI) and senior executives from major commercial banks were present.

Joshi urged banks to categorize the issues faced by exporters and importers and suggested seeking regulatory guidance from the RBI where necessary. He also proposed the development of a standard operating procedure through the Indian Banks Association (IBA) to streamline processes further.

This directive from the finance ministry underscores the government’s commitment to supporting exporters and importers by ensuring a seamless banking experience and addressing challenges efficiently. The collaborative effort between banks and regulatory authorities aims to facilitate smoother trade operations and enhance the ease of doing business for all stakeholders.