Team Adda247 and Bankers Adda have introduced a Special Banking Awareness series for SBI and IBPS Interviews 2021. In this series, we will be introducing the candidates with some banking awareness topics On a daily basis that will improve their general awareness and will also ensure that the candidates do not lack in any banking term when it comes to the interview round. Today the topic of our Banking Awareness Series is Export Credit Guarantee Corporation of India
Established: July, 1957
HQ: Mumbai, Maharashtra
Chairman& MD: M. Senthilnathan
ECGC is wholly owned company of Government of India and controlled by the Ministry of Commerce. It has been named as Export Credit Guarantee Corporation of India before 2014 but after 8th August, 2014 it has been changed name as ECGC.
It was established to strengthen the export promotion by covering the risk of exporting on credit. It provides a range of credit risk insurance covers to exporter against loss in export of goods and services as well. It gives guarantees to banks and financial institutions to enable exporters to obtain better facilities from them. It provides Overseas Investment insurance to Indian companies. ECGC works on making it easy to obtain export finance from banks or financial institutions. It gives assistance to exporters in recovering bad debt. It provides information on credit worthiness of overseas buyers.
ECGC gives export credit insurance which is designed to protect exporters from the consequences of the payment risks, political and commercial risks and encourage them to expand their overseas business without fear of loss.
ECGC currently in news:
ECGC ltd. and Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed MOU to enhance mutual cooperation and facilities business opportunities by stimulation trade and investment between India and UAE.
Banglor exporter’s branch has paid policy claim of Rs.4.50 Crs to readymade garment exporter from Banglore.
ECGC celebrates Marathi Bhasha Sanvardhan Pandharwada.