The Export-Import Bank of India (EXIM Bank) will replace the Reserve Bank of India (RBI) as implementing agency for interest subvention support on pre- and post-shipment export credit under the Export Promotion Mission from April 1, 2026, according to the Directorate General of Foreign Trade (DGFT). The scheme, initially operationalised through the RBI on a pilot basis, will move to EXIM Bank after formal approval was accorded for the transition, the DGFT said in a notice. EXIM Bank will assume all operational functions, including portal management, verification, and claim settlement workflows.
Institutional transition: from RBI to EXIM Bank
According to the DGFT notice, the transition follows an institutional decision taken during a steering committee meeting on the scheme. Formal approval has been accorded for the handover of the implementing agency role from the RBI to the Export-Import Bank of India with effect from April 1, 2026. The notice states:
"EXIM Bank shall serve as the implementing agency for all operationalisations, portal management, verification, and claim settlement workflows from 1st April 2026 onwards," the DGFT notice said.
Scope of EXIM Bank's mandate
Under the new arrangement, EXIM Bank will be responsible for the full operational cycle of the interest subvention scheme. Its duties include:
- Operationalisation of the scheme for pre- and post-shipment export credit;
- Management of the claim portal;
- Verification of claims submitted by participating lending banks;
- Settlement of claim payments to lenders.
The scheme provides interest subvention support on export credit extended by participating lending banks. Pre-shipment export credit refers to financing provided to exporters before goods are shipped, while post-shipment export credit covers financing extended after shipment, typically against receivables.
RBI's residual role
The DGFT notice also clarifies that any supplementary or additional claims from participating lending banks for the quarter ending January to March 2026 will continue to be processed by the RBI. This residual function ensures continuity for claims tied to the period before EXIM Bank takes over, while the bulk of new operational responsibility shifts to EXIM Bank from April 1, 2026.
Transition timeline
| Function | RBI (pilot phase) | EXIM Bank (from April 1, 2026) |
|---|---|---|
| Scheme operationalisation | Initial pilot implementation | Full operationalisation |
| Portal management | Managed under RBI pilot | EXIM Bank |
| Verification of claims | Performed under pilot | EXIM Bank |
| Claim settlement | Performed under pilot | EXIM Bank |
| Supplementary claims (Jan-Mar 2026) | RBI continues to process | Not applicable |
Impact on participating lending banks
Participating lending banks that extend pre- and post-shipment export credit under the Export Promotion Mission must align their claim submission workflows with EXIM Bank's systems from April 1, 2026. The DGFT's notice names EXIM Bank as the single implementing agency for all operationalisations, portal management, verification, and claim settlement moving forward. For the quarter ending March 2026, however, banks should continue to route supplementary or additional claims to the RBI, which retains processing authority for that period. The transition effectively centralises the scheme's administrative functions under EXIM Bank, while the RBI's pilot-era role is gradually wound down.
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