Finance ministry asks banks to expeditiously resolve issues of exporters

The finance ministry on Monday asked banks and insurance companies to expeditiously resolve issues of exporters and facilitate overseas trade.
The meeting chaired by Financial Services Secretary Vivek Joshi was attended by senior officers from the Ministry of External Affairs, the Department of Commerce and the Ministry of Finance. They discussed issues faced by exporters and importers.
During the meeting, Joshi advised banks to classify issues faced by them in different categories and indicated that they may consider seeking necessary regulatory guidance from the RBI and also develop a standard operating procedure through the Indian Banks Association (IBA), an official statement said.
Functionaries of the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority (IRDAI), the chairman of the State Bank of India (SBI) and senior executives of major commercial banks were also part of the meeting.
Insurance related issues faced by traders were discussed with .