The Reserve Bank of India (RBI) is learnt to have rejected a commerce ministry proposal to use a portion of
its foreign exchange reserves to give long-term loans to the Export Import Bank of India at concessional interest rates.To boost the financial muscle of Exim Bank so that it can lend to exporters at low interest rates in times of an export contraction, the commerce ministry had taken up the proposal with both the finance ministry and the RBI, sources told FE.

Source - http://www.financialexpress.com