Summary: Reserve Bank of India (RBI), through A.P. (DIR Series) Circular No. 22 dated September 23, 2026, has informed Category-I Authorised Dealer Banks about the Export-Import Bank of India’s Government of India-supported Line of Credit of ₹4,850 crores for financing various developmental projects in Maldives. Exim Bank entered into an agreement dated July 25, 2025 with the Government of the Republic of Maldives for the facility. Eligible exports of goods and services from India will be permitted subject to their eligibility under the Government of India’s Foreign Trade Policy and their financing being agreed by Exim Bank. At least 75% of the applicable contract price must comprise goods, works and services supplied by the seller from India, while the remaining 25% may be procured from outside India for the eligible contract. The agreement became effective on August 27, 2026, and the last date for disbursement will be 48 months after the scheduled completion date of the contract. Individual Credit Agreements, each for a minimum value of ₹500 crores, will be signed under the Umbrella LOC after identification and approval of projects. Shipments must be declared in the prescribed Export Declaration Form/Shipping Bill. No agency commission is payable for exports under the LOC, subject to the specified exception. The directions are issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999.
Reserve Bank of India
RBI/2026-2027/269A.P. (DIR Series) Circular No. 22| Dated: September 23, 2026
All Category – I Authorised Dealer Banks
Madam/Sir
Exim Bank’s GOI-supported Line of Credit (LOC) for ₹ 4,850 crores the Government of Maldives, for financing various developmental projects in Maldives
Export-Import Bank of India (Exim Bank) has entered into an agreement dated July 25, 2025, with the Government of the Republic of Maldives, for making available to the latter, Government of India supported Line of Credit (LoC) of ₹ 4,850 crores (Rupees Four Thousand Eight Hundred and Fifty crores only) for financing various developmental projects in Maldives. The export of eligible goods and services from India, as defined under the agreement, would be allowed, subject to their eligibility under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement. Under this Agreement, goods, works and services of the value of at least 75% of the contract price (as may be applicable) shall be supplied by the Seller from India, and the remaining 25% of goods and services may be procured by the Seller for the purpose of the Eligible Contract from outside India.
2. The Agreement under the LoC is effective from August 27, 2026. Under the LoC, the last date for disbursement will be 48 months after scheduled completion date of the contract. Individual Credit Agreements will be signed under the ambit of Umbrella LOC (for a minimum value of ₹ 500 crores) subsequent to identification and approval of the projects to be financed under each individual credits under the LOC.
3. Shipments under the LoC shall be declared in Export Declaration Form/Shipping Bill as per instructions issued by the Reserve Bank from time to time.
4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners’ Foreign Currency Account for payment of commission in any foreign currency. Authorised Dealer (AD) Category- I banks may allow such remittance after realization of full eligible value of export, subject to compliance with the extant instructions for payment of agency commission.
5. AD Category – I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain complete details of the LoC from the Exim Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website www.eximbankindia.in
6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.
Yours faithfully,
(N Senthil Kumar)Chief General Manager
