Home › Circulars › RBI/2012-13/74

Master Circular on Export Credit & Customer Service to Exporters

No longer current — withdrawn, no replacement on file yet

Source: Reserve Bank of India · RBI/2012-13/74 · issued 02 Jul 2012 · ~2 min read

Quick answerRBI consolidated all export credit guidelines into a single master circular as of July 2, 2012, covering rupee and foreign currency pre/post-shipment credit, interest rates, and customer service procedures for scheduled commercial banks (excluding RRBs).

What changed

This master circular updates the previous July 1, 2011 version by incorporating all instructions issued up to June 30, 2012. It consolidates the entire framework on export credit and customer service into one document for easier reference.

What it means for you

Banks now have a single, updated reference for all export credit norms, reducing ambiguity and ensuring compliance with the latest RBI directives. The circular reinforces the statutory nature of these guidelines under the Banking Regulation Act, 1949, so adherence is mandatory.

Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.

What banks were required to do at the time

Review the updated master circular and replace all earlier circulars referenced in Appendices I-III with this consolidated version.
Ensure your bank's export credit products (rupee and foreign currency) comply with the interest rate and procedural guidelines outlined.
Train relevant staff on the customer service and simplification procedures detailed in Part C of the circular.
Update internal reporting systems to align with the reporting requirements specified in the circular.

Who it affects

All Scheduled Commercial Banks (excluding Regional Rural Banks), Export credit departments, Trade finance teams, Compliance and risk management units

❓ Common questions

Regulatory timeline

Decoded by BankPulse 2026-06-18 19:14 IST
repealed_by — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
Status change: withdrawn 03 Aug 2026, 04:00 IST

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

Does this master circular change any interest rate ceilings for export credit?

The circular consolidates existing instructions up to June 30, 2012, but does not introduce new interest rate ceilings. Banks should refer to the specific sections on interest for rupee and foreign currency export credit within the document.

Are Regional Rural Banks (RRBs) covered by this circular?

No, the circular explicitly excludes RRBs from its scope of application. It applies only to all other Scheduled Commercial Banks.

What is the legal basis for this master circular?

It is a statutory directive issued under Sections 21 and 35A of the Banking Regulation Act, 1949, making compliance mandatory for all covered banks.

📜 This document’s life story (1 recorded event, each backed by RBI’s own words)

Repealed by RBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)

RBI’s words: “Official withdrawal register entry #1271: DBOD No.DIR.BC.06/04.02.002/2012-13 — "Master Circular on Rupee / Foreign Currency Export Credit & Customer Service to Exporters" dated July 2, 2012”

📜 Read the original circular — full text as issued by RBI

RBI/2012-13/74
 DBOD No.DIR.BC.06/04.02.002/2012-13
 July 2, 2012
 11 Ashadha, 1934 (Saka)
 All Scheduled Commercial Banks
 (excluding RRBs) 
 Dear Sir/Madam,
 Master Circular - Rupee / Foreign Currency Export Credit & Customer Service To Exporters 
 Please refer to the Master Circular DBOD No.Dir.(Exp).BC.04/04.02.002/2011-12 dated July 1, 2011 consolidating the instructions / guidelines issued to banks till that date relating to Rupee / Foreign Currency Export Credit & Customer Service To Exporters. The Master Circular has been suitably updated by incorporating the instructions issued up to June 30, 2012 and has also been placed on the rbi website ( http://www.rbi.org.in ). A copy of the Master Circular is enclosed.
 Yours faithfully
 (Sudha Damodar)
 Chief General Manager
 Encl: as above
 Master Circular
 RUPEE / FOREIGN CURRENCY EXPORT CREDIT
& CUSTOMER SERVICE TO EXPORTERS
 CONTENTS
 Sr.No.

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2012-13/74 · issued 02 Jul 2012. The plain-English explanation above is BankPulse’s own independent summary.

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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7377&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.