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Export Credit Guarantee Corporation of India (ECGC) : An Overview

Export Credit Guarantee Corporation of India (ECGC) : An Overview for IBPS PO, IBPS CLERK, INSURANCE EXAMS, RRB OFFICER SCALE 1, RRB ASSISTANT, SBI PO, SBI CLERK


Essential for All Upcoming Bank Exams
  • On 30th July, 1957, Export Credit Guarantee Corporation of India Limited (ECGC Limited) was established. 
  • It is wholly owned by Government of India
  • It is headquartered in Mumbai, Maharashtra, India. 
  • It is regulated by the Ministry of Commerce and it also deliver export credit insurance support to Indian exporters. 
  • The Indian government first established the Export Risk Insurance Corporation (ERIC) in July 1957
  • Without fear of losses, the exporters were able to expand their foreign business. 
  • It operates under the administrative control of the Ministry of Commerce and Industry and is governed by a board of directors, representing the government, the Reserve Bank of India, the banking, and the insurance and exporting communities. 
  • Shri T C Kapur was the First Managing Director of the Corporation and Shri Ratilal M Gandhi was the First Chairman of ECGC. 

History of ECGC: 
  • In 1947, the need for introduction of export was immediately started. 
  • In a meeting of the Export Advisory Council, it was proposed to introduce export credit guarantee scheme in 1953
  • In 1955, the Ministry of Commerce and Industry analyzes the competition and depth of the Export Credit Insurance Plan and a revised draft proposal is presented to the Export Advisory Council. 
  • On July 30, 1957, the government accepted the recommendation of the Kapoor Committee and thus registered with Export Recycle Insurance Corp. (ERIC), Mumbai, as a Private Limited. 
  • October 14, 1957, Union Commerce Minister Shri Morarji Desai inaugurated the first policy of ERIC was issued. 
  • In the year 1964, the name of ERIC was changed to Export Credit and Guarantee Corporation Limited. 
  • In August 2014, it was named Export Credit and Guaranty Corporation Limited (ECGC Limited). 
  • In terms of profits, financial and operational efficiency indicators, to achieve improved performance and to get the best return on investment. 
  • In order to protect Indian exporters against unexpected losses, which may be facing the problems of buyers, banks or buyers, the cost-effective credit insurance can be equally equal in the form of policies, factoring and investment insurance services. Available cover for exporters in other countries. 
  • Employees develop world-class skills in credit insurance and ensure continuous innovation and achieve top customer satisfaction by providing top quality services. 
  • For encouraging and facilitating the globalization of India's trade. 
  • To educate customers through continuous promotion and effective marketing. 
  • Providing assured insurance cover for bankers at a competitive rate to facilitate adequate bank financing to Indian exporters. 
  • Providing timely information on the needs of buyers, bankers and the country, to assist Indian exporters in managing their credit risk. 
  • In the form of equity or debt and progress, joint venture overseas, the investor is giving foreign investment insurance to Indian companies. 
  • Enables banks and financial institutions to develop their quality better. 
  • Contrary to losses in the export of goods and services, the credit risk insurance cover is provided to the exporters. 
ECGC Provides: 
  • Provides information from different countries with its own credit rating. 
  • Export financing from banks / financial institutions makes it easy. 
  • Provider’s insurance protection against payment risk is available. 
  • Helps the exporters to recover bad debts. 
  • Manage export related activities. 

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