ECGC introduces new scheme for enhanced export credit risk insurance

Date:

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).

The scheme is expected to benefit a number of small-scale exporters availing of export credit with banks which hold the ECGC WT-ECIB covers. This will also enable the small exporters to explore new markets/new buyers and diversify their existing product portfolio competitively.

Enhanced Cover to Banks

  • The enhanced cover shall be available for manufacturer- exporters availing fund-based export credit working capital limit up to ₹ 20 crore (i.e., total Packaging Credit and Post Shipment limit per exporter/exporter-group) excluding the Gems,  Jewellery & Diamond sector and merchant exporters/traders.
  • This new scheme will enable the banks holding ECGC’s WT-ECIB cover to explore the possibility of reducing interest rates further so that all the stakeholders are benefitted. The enhanced cover percentage shall be made available to State Bank of India as per the previous year’s premium rate in view of its favourable claim premium ratio. However, for other Banks there may be a moderate increase in the prevailing premium rates.

ECGC had extended support to exports amounting to Rs.6.18 lakh crore in the last FY 2021-22. As on 31/03/2022, more than 6,700 distinct exporters were benefitted by the direct cover issued to exporters and more than 9,000 distinct exporters benefitted under the Export Credit Insurance for Banks (ECIB). Notably, around 96% of these are small exporters.

━ related

Shalini Singh Creates History as First Female NCC Cadet to Complete Mountaineering Course

Shalini Singh, an inspiring young woman, has made history by becoming the first female NCC cadet to successfully complete a rigorous mountaineering course. Her achievement not only breaks barriers but also serves as an inspiration for other aspiring women mountaineers, highlighting the spirit of empowerment and determination.

Dubai Emerges as India’s Top Choice for Foreign Direct Investment (FDI)

Dubai has emerged as the preferred destination for Foreign Direct Investment (FDI) from India, with a significant increase in investments across various sectors. The strategic location, favorable business environment, and robust infrastructure of Dubai have attracted Indian investors, strengthening the economic ties between the two nations.

India and Vietnam Strengthen Maritime Security Cooperation with 3rd Maritime Security Dialogue in New Delhi

India and Vietnam recently conducted their 3rd Maritime Security Dialogue in New Delhi, reaffirming their commitment to enhance cooperation in ensuring maritime security, combating maritime threats, and promoting a rules-based order in the Indo-Pacific region. The dialogue marks a significant step towards strengthening bilateral ties and regional stability.

RBI Launches “100 Days, 100 Pays” Campaign to Settle Unclaimed Deposits, Ensuring Financial Inclusion

The Reserve Bank of India (RBI) introduces the "100 Days, 100 Pays" campaign aimed at resolving unclaimed deposits by facilitating their rightful owners to claim their funds. This initiative promotes financial inclusion and emphasizes the importance of reclaiming dormant deposits for the benefit of individuals and the overall economy.

Celeste Saulo Becomes the First Female Secretary-General of WMO, Paving the Way for Gender Equality in Weather and Climate Organization

The World Meteorological Organization (WMO) welcomes Celeste Saulo as its first female Secretary-General, marking a historic milestone for gender representation in the field of meteorology. Saulo's appointment not only highlights the progress towards gender equality but also brings diverse perspectives and expertise to address global weather and climate challenges.