CURRENT AFFAIRS

Detailed explanation-1: -ECGC Ltd. is the seventh largest credit insurer of the world in terms of coverage of national exports. The present paid-up capital of the company is ₹3, 190 crores and authorised capital is ₹5, 000 crores.

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 had extended support to exports amounting to Rs. 6.18 lakh crore in the last FY 2021-22. As on 31/03/2022, more than 6, 700 distinct exporters were benefitted by the direct cover issued to exporters and more than 9, 000 distinct exporters benefitted under the Export Credit Insurance for Banks (ECIB).

Detailed explanation-4: -Helping Indian exporters recover bad debts. Providing information on the credit worthiness of foreign buyers ECGC further ensures exporter’s credit risks against both political as well as commercial conditions and guarantees the payment to exporters.