RBI Issues Guidelines on Interest Subvention for Export Credit under Niryat ProtsahanIn January 2026, the Reserve Bank of India (RBI) issued operational guidelines for extending interest subvention on pre and post-shipment export credit under the Export Promotion Mission (EPM) – NIRYAT PROTSAHAN (1st Component).
NIRYAT PROTSAHAN – Interest Subvention Component
Objective: To facilitate improved access to pre- and post-shipment rupee export credit for Micro, Small and Medium Enterprises (MSMEs) exporters by reducing the cost of such credit.
Eligible Institutions: The RBI has directed all All Scheduled Commercial Banks (SCB) (excluding Regional Rural Banks (RRBs)), Primary (Urban) Co-operative Banks (UCB), State Co-operative Banks (StCB), All-India Financial Institutions (AIFI) to extend the benefit strictly to eligible exporters.
Eligible MSMEs: All MSME manufacturer exporters and merchant exporters holding a valid active Importer Exporter Code (IEC) and a valid MSME Udyam Registration Number (URM) shall be eligible to receive interest subvention support.

• The interest subvention will be applicable only to exports covered under a notified positive list of tariff lines at the Harmonised System of Nomenclature (HSN) six-digit level.