Dr. Vivek Joshi, Secretary of the Department of Financial Services, hosted a key meeting today to address banking and insurance challenges faced by Indian exporters and importers. Senior officials from various ministries and financial institutions convened to seek solutions and streamline trade finance processes.
Highlighting the critical role of trade finance, banking, and insurance in facilitating Indian trade, Dr. Joshi emphasised the government’s commitment to collaborative problem-solving with stakeholders. Regular engagement, he stressed, is crucial to understanding operational bottlenecks and creating solutions.
The meeting delved into specific challenges faced by traders, including delays in issuing e-bank realization certificates and overdue letters of credit. While banks highlighted their commitment to facilitating trade after due diligence and regulatory compliance, proactive engagement with clients to resolve issues was encouraged.
Dr. Joshi urged banks to categorise issues and seek guidance from RBI if needed. He also suggested developing a standardised operating procedure through the Indian Banks Association (IBA) for consistency and efficiency. The Discussions with IRDAI covered insurance-related hurdles faced by traders, with progress updates on resolving existing issues.
Dr Vivek Joshi concluded by emphasising the importance of close collaboration between banks, the Department of Commerce, and export promotion councils for smoother trade facilitation and timely problem resolution.
Representatives from the Ministry of External Affairs, Department of Commerce, Ministry of Finance, Reserve Bank of India (RBI), Insurance Regulatory and Development Authority (IRDAI), State Bank of India (SBI), and major commercial banks participated in the discussion.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
