Key Points
The ECGC Ltd has supported over 16,000 exporters with an aggregate value of business covered to the tune of Rs 6.68 lakh crore in 2022-23 and it is expected to increase to more than Rs 10 lakh crore this fiscal, Commerce and Industry Minister Piyush Goyal said on Friday.ANI..
Last year, the company extended cover under Export Credit Insurance for banks (ECIB) scheme for the accounts with export credit working capital limits up to Rs 20 crore sanctioned by the banks (excluding traders and GJD exporters) with enhanced cover of 90 per cent...
"The extended cover under the scheme has resulted in easing of interest rates on the credit/loans obtained from the banks," Goyal said announcing that the benefit of the enhanced cover will be extended to the accounts with limits up to Rs 50 crore for these four banks without any additional cost...
For nine banks where six-year claim to premium ratio (CPR) is less than 70 per cent, cover for accounts with export credit working capital limits up to Rs 20 crore will be offered enhanced cover of 90 per cent without any additional cost provided the banks are extending the export credit at an interest rate corresponding to the accounts rated 'AA' (or with equivalent rating)....
ECGC CMD M Senthilnathan said that 100 per cent cover will be provided for existing policyholders where 'No Claim Bonus' is 50 per cent and the policy proposal has been received directly from the exporters and not through insurance brokers... envisages to provide claim and other insurance related services to exporters and banks digitally after implementation of the upgraded software system which is likely to be implemented within the next six months...
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