Reserve Bank of India (Trade Relief Measures) Directions, 2025


The RBI, vide circular RBI/2025-26/96 DOR.STR.REC.60/21.04.048/2025-26 dated November 14, 2025, has announced measures to mitigate the burden of debt servicing brought about by trade disruptions caused by global headwinds and to ensure the continuity of viable businesses.

 

Applicability:

  1. Borrowers having their business impacted by trade disruptions caused by global headwinds; and
  2. Borrowers engaged in exports related to any sectors listed in Annexure I of the RBI Directions.
     

Objective / Eligibility Criteria: For the purpose of considering relief under these Directions, a borrower shall be deemed to be eligible upon fulfilment of all of the following conditions:

1.  Sector: The borrower is engaged in exports relating to any of the sectors specified in Annex I of RBI Directions.

2. Outstanding Export Credit: The borrower had an outstanding export credit facility from a Regulated Entity (as defined in RBI Directions), as of August 31, 2025.

3. Asset Classification: The account(s) of the borrower with all Regulated Entities (RE) was/were classified as ‘Standard’ as on August 31, 2025.

Additionally, borrowers seeking relief under these Directions should not be classified as Fraud / Wilful Defaulter by any RE.
 

Relief Measures:  For eligible borrowers (qualified as per the above criteria), relief measures as under may be extended by the Bank.
 

I)  Moratorium/Deferment:

  1. In case of all term loans, Bank may grant a moratorium on payment of all instalments (principal and/or interest) falling due during the Effective Period*.
  2. In case of working capital facilities sanctioned in the form of CC / OD, WCDL, EPC, etc., Bank may defer recovery of interest applied on such facilities during the Effective Period*.
  3. During the moratorium / deferment period, interest shall continue to accrue. Interest application shall be on simple interest basis, without compounding effect, i.e., there shall be no interest on interest.
  4. The accumulated interest during the moratorium/deferment period may be converted into a Funded Interest Term Loan (FITL) which shall be repayable in one or more instalments after March 31, 2026, but not later than September 30, 2026.
  5. In case of working capital facilities, Credit may, at its discretion, recalculate drawing power by reducing margins and/or reassess working capital limits during the Effective Period*. Any such review after expiry of the Effective Period* should be based on regular assessments.

*Effective Period: Period between September 1, 2025 and December 31, 2025
 

II)  Extension of tenor for Export Credit:

  1. Extended Credit Period: Bank may permit an enhanced credit period of up to 450 days for pre-shipment and post-shipment export credit disbursed till March 31, 2026.
  2. Packing Credit Facilities: For packing credit facilities already availed by exporters (from HDFC Bank) on or before August 31, 2025, where dispatch of goods could not take place, liquidation of such facilities may be permitted from legitimate alternate sources, including domestic sale proceeds of the goods or substitution of the original export contract with proceeds from another export order.