CURRENT AFFAIRS

Detailed explanation-1: -Export-Import Bank of India (India Exim Bank) has concluded a Master Risk Participation Agreement for supporting trade transactions with FirstRand Bank (FRB) Limited. FirstRand Bank (FRB) Limited is Southern Africa’s leading bank.

Detailed explanation-2: -Export-Import Bank of India (Exim Bank) operates a comprehensive range of financing, advisory and support programmes to promote and facilitate India’s trade and investment with the CIS countries.

Detailed explanation-3: -Answer: The functions of EXIM Bank are as follows; Financial export and import of services and goods from the country as exim trade. It helps in financing the export as well as import of machines. It also helps to refinance the bank services as well as other institutions for foreign financing trade or exim trade.

Detailed explanation-4: -The B.D. Kumar Committee, which submitted its report in 1975, recommended for setting up of an export-import Bank type institution to finance and promote exports of engineering goods and turnkey projects.

Detailed explanation-5: -The institution finances the various types of export-import machinery for lease and hires purposes as well. Financing the goods and services imported from other countries than India. With the purpose of foreign trade, EXIM refinances financial transactions of the banks and other financial institutions.