GENERAL KNOWLEDGE

Detailed explanation-1: -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-2: -ECGC is basically an export promotion company, seeking to improve the competitiveness of exports from India by providing them with credit insurance covers. The Corporation has introduced various export credit insurance schemes to meet the requirements of commercial banks offering export credit.

Detailed explanation-3: -It was established with an aim to promote exports by offering credit risk insurance and allied services to the exporters. In all, the ECGC is essentially an organization that promotes exports of the country, seeking to enhance the competitiveness of the Indian exporters.

Detailed explanation-4: -It provides Export Credit Insurance covers to the banks and other financial institutions for enabling exporters to find better services from them. It offers Overseas Investment Insurance to the Indian companies investing in Joint Ventures (JVs) abroad in the form of loans or equity.