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Interest Equalisation Scheme Extended Till Sep 30, 2021

No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2021-22/65 · issued 01 Jul 2021 · ~1 min read
Quick answerRBI extends the Interest Equalisation Scheme on pre and post-shipment rupee export credit by three months, up to September 30, 2021, with same scope and coverage. Banks must continue existing operational instructions for this period.

What changed

The Government of India approved a three-month extension of the Interest Equalisation Scheme for pre and post-shipment rupee export credit, effective July 1, 2021 to September 30, 2021. The scope and coverage of the scheme remain unchanged from the previous circular dated April 12, 2021.

What it means for you

Banks must continue offering subsidised interest rates on eligible export credit under the same terms until end-September 2021. This extension provides continuity for exporters and ensures no disruption in the scheme's benefits. Lenders should align their systems to maintain the existing operational framework without changes.

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

Who it affects

All Scheduled Commercial Banks (excluding RRBs), Small Finance Banks, Primary (Urban) Cooperative Banks, EXIM Bank, Exporters availing rupee export credit

❓ Common questions

Regulatory timeline

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

What is the effective period of this extension?

The extension is effective from July 1, 2021 to September 30, 2021, covering three months.

Does the scope or coverage of the scheme change with this extension?

No, the scope and coverage remain exactly the same as per the earlier circular dated April 12, 2021.

Which banks are required to follow this circular?

All Scheduled Commercial Banks (excluding RRBs), Small Finance Banks, Primary (Urban) Cooperative Banks, and EXIM Bank.

📜 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Repealed by RBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)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 #298: DOR.CRE(DIR).REC.28/04.02.001/2021-22 — "Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit - Extension" dated July 1, 2021”
📜 Read the original circular — full text as issued by RBI
RBI/2021-22/65 DOR.CRE(DIR).REC.28/04.02.001/2021-22 July 1, 2021 All Scheduled Commercial Banks (excluding RRBs), Small Finance Banks, Primary (Urban) Cooperative Banks and EXIM Bank Dear Sir / Madam, Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit - Extension Please refer to the instructions issued vide circular DOR.CRE.REC.06/04.02.001/2021-22 dated April 12, 2021 . 2. Government of India has approved the extension of Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit, with the same scope and coverage, for a further period of three months, i.e., up to September 30, 2021. The extension takes effect from July 01, 2021 and ends on September 30, 2021 covering a period of three months. 3. Consequently, the extant operational instructions issued by the Reserve Bank under the captioned Scheme shall continue to remain in force up to September 30, 2021. Yours faithfully (Manoranjan Mishra) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2021-22/65 · issued 01 Jul 2021. 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=12124&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.
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