Ministry of Commerce & Industry
ECGC Limited
Posted On:
16 SEP 2020 4:28PM by PIB Delhi
ECGC Limited was set up in 1957 in Mumbai under the Companies Act 1956 to provide export credit insurance services to exporters and banks to promote and support exports from India.
The performance details of ECGC for the last three financial years and current year are given below:
(Amount in ₹ Crore)
|
Financial Year
|
2017-18
|
2018-19
|
2019-20
|
April-June 2020
|
|
Amount of claims paid
|
1,283.17
|
1,013.31
|
408.41 *
|
202.41
|
|
Premium received amount
|
1 ,240.42
|
1,247.54
|
1075.41
|
170.39
|
* As the documentation for the year 2019-20 was not available by 31st March,2020, claims paid are lower.
ECGC services/products include export credit insurance policies for exporters, export credit insurance for banks and medium & long term project exports, factoring scheme for MSMEs and Micro & Small Exporter Policies. Additionally, ECGC is the managing agency of the National Export Insurance Account (NEIA) Trust that enables Government of India to support Project exports in the national interest.
The capital infused by the Government of India in the company, against which shares are issued to the Government of India, is utilized to enhance the capital base of the company. The underwriting capacity is derived from the capital base, based on which ECGC generates income from business operations and pays dividend to the Government.
ECGC has signed 48 MoUs with similar overseas institutions, aimed at regular exchange of information and best practices, deliberations/exchange of ideas on export credit insurance issues and identification of areas and projects of mutual interest. Recently, as part of its commitment under an MOU signed with Credit Oman, ECGC has provided consultancy services to the latter for improvement of their systems and products and earned USD 75,000 as consultancy fee.
The Government of India has infused equity capital to the tune of ₹1,410 crore in ECGC over a period of three years from FY 2017-18 to FY 2019-20 to support a higher volume of export credit insurance, including for exports to emerging and challenging markets. The performance of ECGC is monitored through the various indicators of MoU, which is signed between ECGC and Department of Commerce.
This information was given by the Union Minister of Commerce and Industry, Shri Piyush Goyal, in a written reply in the Lok Sabha today.
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YB/ AP
(Release ID: 1655063)
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