BANKING AFFAIRS

Detailed explanation-1: -The ECGC Ltd. (formerly known as Export Credit Guarantee Corporation of India Ltd.) wholly owned by government of India, was set up in 1957 with the objective of promoting exports from the country by providing credit risk insurance and related services for exports.

Detailed explanation-2: -ECGC – An Export Promotion Institution : Provides credit risk covers to Exporters against non payment risks of the overseas buyers / buyer’s country in respect of the exports made. Provides credit Insurance covers to banks against lending risks of exporters. Assessment of buyers for the purpose of underwriting.

Detailed explanation-3: -ECGC Limited (Formerly Export Credit Guarantee Corporation of India Limited) is a government owned export credit agency of India. It is under the ownership of Ministry of Commerce and Industry, Government of India, and is headquartered in Mumbai, Maharashtra.

Detailed explanation-4: -ECGC’s SAL is merely a tool for the Corporation to monitor it’s underwriting of the various borrowers of the bank customers of the Corporation. Hence, the list is not released for public consumption. The parties who are placed on the list are: 1.

Detailed explanation-5: -Export credit insurance is provided by India’s ECGC. The full form of ECGC stands for Export Credit Guarantee Corporation Limited (ECGC), it is an open cover to credit insurance & a mandatory requirement for it.