<h1>RBI Extends 2% Interest Subvention on Rupee Export Credit for Handicrafts, SMEs, and More Until March 2012.</h1> The Reserve Bank of India announced the extension of a 2% interest subvention on rupee export credit from April 1, 2011, to March 31, 2012, for sectors including handicrafts, handlooms, carpets, and small and medium enterprises (SMEs). This initiative aims to support employment-oriented export sectors by reducing the interest rate charged to exporters under the Base Rate system, with a minimum floor rate of 7%. Banks are instructed to pass on the full benefit of the subvention to eligible exporters. Claims for subvention must be submitted quarterly, accompanied by an auditor's certificate.