In order
to provide export credit and insurance support to Indian exporters, the GOI set
up the Export Risks Insurance Corporation (ERIC) in July, 1957. It was
transformed into export credit guarantee corporation limited (ECGC) in 1964.
Since 1983, it is now known as ECGC of India Ltd.
ECGC is
a company wholly owned by the Government of India. It functions under the
administrative control of the Ministry of Commerce and is managed by a Board of
Directors representing government, Banking, Insurance, Trade and Industry. The
ECGC with its headquarters in Bombay and several regional offices is the only
institution providing insurance cover to Indian exporters against the risk of
non-realization of export payments due to occurrence of the commercial and
political risks involved in exports on credit terms and by offering guarantees
to commercial banks against losses that the bank may suffer in granting
advances to exports, in connection with their export transactions.
To
protect the exporters against credit risks, i.e. non-repayment by buyers
To
protect the banks against losses due to non-repayment of loans by exporters
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