CURRENT AFFAIRS

Detailed explanation-1: -Exim Bank extends Lines of Credit (LOCs) to overseas financial institutions, regional development banks, sovereign governments and other entities overseas, to enable buyers in those countries to import developmental and infrastructure projects, equipment, goods and services from India, on deferred credit terms.

Detailed explanation-2: -Functions of the EXIM Bank Finances import and export of goods and services from India. It also finances the import and export of goods and services from countries other than India. It finances the import or export of machines and machinery on lease or hires purchase basis as well.

Detailed explanation-3: -The correct answer is to promote exports and curtail imports. The Export-Import Bank of India, commonly known as the EXIM bank, was set up on January 1, 1982, to provide financial assistance to exporters and importers to promote India’s foreign trade.