CURRENT AFFAIRS

Detailed explanation-1: -Export Credit Guarantee Corporation of India (ECGC) has introduced the Export Credit Insurance Scheme (ECIS) called NIRVIK to enhance loan availability and ease the lending process. It is an insurance cover guarantee that will cover up to 90% of the principal and interest.

Detailed explanation-2: -ECGC Whole Turnover Post-shipment Guarantee Scheme (ECGC) provides protection to banks against non-payment of post-shipment credit by exporters. Banks may, in the interest of export promotion, consider opting for the Whole Turnover Post-shipment Policy. The salient features of the scheme may be obtained from ECGC.

Detailed explanation-3: -ECGC has introduced a new scheme to provide enhanced export credit risk insurance cover to the extent of 90% to support small exporters under the Export Credit Insurance for Banks Whole Turnover Packaging Credit and Post Shipment (ECIB- WTPC & PS).

Detailed explanation-4: -The first policy was issued on 14th October, 1957. The initial name was changed to Export Credit Guarantee Corporation of India Ltd. in the year 1983. It was in the year 2014 in August, that it was renamed as ECGC Ltd.