BANKING AFFAIRS

Detailed explanation-1: -(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: -The ECGC Limited (Formerly Export Credit Guarantee Corporation of India Ltd) is a company wholly owned by the Government of India based in Mumbai, Maharashtra. It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce.

Detailed explanation-3: -The export credit guarantee is for investors who wish to invest in export credit. This scheme was introduced in 2009, during the economic crisis, to rekindle the financing of export credits.

Detailed explanation-4: -With regard to export finance and guarantees, the objective of the wholly government-owned Export Credit Guarantee Corporation of India Limited (ECGC) is to provide exporters a range of insurance cover against the risk of non-realisation of export proceeds due to political or/and commercial reasons.