Banks should be more liberal on issues like exchange rates to help exporters: Piyush Goyal

Union Commerce Minister Piyush Goyal on Thursday asked bankers to be "more liberal" on aspects like exchange rates while serving the exporters segment. He also sought a similar liberal outlook on the issue of penal interest rates and insistence on ratings while granting a loan, saying payments from overseas markets have been impacted because of the pandemic.

The minister, however, added that lenders and industry lobby the Indian Banks Association will have to take a call on it. "In aspects such as exchange rates, I think banks need to be a little more liberal. They can give a benefit of 2 paise," Goyal said while addressing an interactive event hosted by EXIM Bank here.

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The minister said at present, India is ahead of the $400 billion export target for the 2021-22 fiscal, saying the first half till end-September will witness earnings of $190 billion. Usually, about 40 per cent of a year's exports are done in the first half, he said, adding that as of September 21, the receipts stood at $185 billion.