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in Mumbai, Maharashtra.[1] It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce. Government of India had initially set up Export Risks Insurance Corporation (ERIC) in July 1957. It was transformed into Export Credit and Guarantee Corporation Limited (ECGC) in 1964 and to Export Credit Guarantee Corporation of India in 1983.
History
ECGC of India Ltd, was established in July, 1957 to strengthen the export promotion by covering the risk of exporting on credit. [2] It functions under the administrative control of the Ministry of Commerce & Industry, Department of Commerce, Government of India. It is managed by a Board of Directors comprising representatives of the Government, Reserve Bank of India, banking, insurance and exporting community. [3] ECGC is the fifth largest credit insurer of the world in terms of coverage of national exports. The present paid-up capital of the company is Rs.900 crores and authorized capital Rs.1000 crores. [4] Shri Anand Sharma, Minister of Commerce & Industry, Government of India, inaugurated the first overseas office of ECGC in London on September 17, 2013.[5]
Provides a range of credit risk insurance covers to exporters against loss in export of goods and services. Offers guarantees to banks and financial institutions to enable exporters to obtain better facilities from them. Provides Overseas Investment Insurance to Indian companies investing in joint ventures abroad in the form of equity or loan.
Offers insurance protection to exporters against payment risks Provides guidance in export-related activities Makes available information on different countries with its own credit ratings Makes it easy to obtain export finance from banks/financial institutions
Assists exporters in recovering bad debts Provides information on credit-worthiness of overseas buyers
Notable Records
Largest Policy short term Rs.450 crores Largest database on buyers 8 lakhs Largest credit limit Rs.80 Crores Largest claim paid Rs.120 crores Quickest claim paid 2 days Highest compensation-Iraq Rs 788 Crores[citation needed] on 31.3.2012 ECGC has achieved a magical milestone of Rs.1000 Crores of premium income......well deserved achievement by the efforts put in by All the officers of the Corporation. Thanks are due to the parent ministry officials, Export Customers and all Nationalised and other private Banks.....
ECGC now offers various products for the exporters and bankers. If readymade products are NOT suited to an exporter/banker then ECGC designs tailor made products.