CURRENT AFFAIRS

Detailed explanation-1: -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-2: -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-3: -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-4: -The NIRVIK Scheme (also known as Niryat Rin Vikas Yojana) is a scheme implemented under the Export Credit Guarantee Corporation of India (ECGC) with a view to ease lending of loans and enhance credit availability to small-scale exporters.

Detailed explanation-5: -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.