The Reserve Bank of India, through its circular dated 19 January 2026, has conveyed operational guidance for implementing the Government of India’s Interest Subvention Scheme for pre- and post-shipment export credit under the Export Promotion Mission (EPM) – Niryat Prothsahan, introduced on a pilot basis. The Scheme aims to support exporters by reducing the interest burden on eligible export credit. RBI directed all scheduled commercial banks (excluding regional rural banks), primary urban co-operative banks, state co-operative banks, and all-India financial institutions to extend the interest subvention strictly in line with the operational instructions issued by the Directorate General of Foreign Trade through Trade Notices dated 2 January and 16 January 2026. Lending institutions are required to ensure that the benefit is provided only for eligible export credit and that all claims are submitted as per the prescribed procedures. The circular emphasises compliance with existing RBI regulatory instructions while implementing the Scheme, reinforcing accountability and uniform application across the banking system.
Reserve Bank of India
RBI/2025-26/195
DOR.STR.REC.393/04.02.001/2025-26 | Dated: January 19, 2026
All Scheduled Commercial Banks (excluding Regional Rural Banks);
Primary (Urban) Co-operative Banks;
State Co-operative Banks;
All-India Financial Institutions
Madam / Dear Sir,
Interest Subvention for Pre- and Post- Shipment Export Credit under Export Promotion Mission (EPM) – Niryat Prothsahan
The Government of India has announced the captioned Scheme under the EPM on a pilot basis. The operational instructions for implementation of the Scheme, as notified by the Directorate General of Foreign Trade vide Trade Notice No. 20/2025-26 dated January 2, 2026, read with Trade Notice No. 22/2025-26 dated January 16, 2026, are enclosed.
2. In terms of the above instructions, eligible lending institutions shall extend the benefit of interest subvention to eligible exporters strictly in accordance with the provisions of the Scheme, and subject to compliance with the extant regulatory instructions issued by the Reserve Bank.
3. The eligible lending institutions shall ensure that interest subvention is extended only in respect of eligible export credit, and that claims are submitted in accordance with the operational instructions and procedures as may be prescribed from time to time.
Yours faithfully,
(Vaibhav Chaturvedi)
Chief General Manager
