ECGC PO - SPLessons

ECGC Introduction

Chapter 1

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ECGC Introduction

ECGC Introduction

shape Introduction

ECGC Limited (Formerly Export Credit Guarantee Corporation of India Ltd), based in Mumbai, Maharashtra and a provider of export credit insurance, is a company wholly owned by the Government of India. ECGC, controlled by the Ministry of Commerce, provides export credit insurance support to Indian exporters. ECGC was initially set up as Export Risks Insurance Corporation (ERIC) in July 1957 by Government of India. It was transformed into Export Credit and Guarantee Corporation Limited (ECGC) in 1964 and to Export Credit Guarantee Corporation of India in 1983.


shape History

ECGC Ltd, was established in July, 1957 to strengthen the export promotion by covering the risk of exporting on credit. It functions under the administrative control of the Ministry of Commerce & Industry, Department of Commerce, Government of India. It is managed by a Board of Directors comprising representatives of the Government, Reserve Bank of India, banking, insurance and exporting community.

Name of the company has been changed from EXPORT CREDIT GUARANTEE CORPORATION OF INDIA LIMITED to ECGC Limited with effect from 8 August 2014 as per certificate issued by Deputy Registrar of Companies, Registrar of Companies, Mumbai.

It is the seventh largest credit insurer of the world in terms of coverage of national exports. The present paid-up capital of the company is Rs. 1200 crores and authorized capital Rs.5000 crores.


shape Services

Functions:

  • Offers a range of Credit Risk Insurance covers to exporters against loss in export of goods and services as well.
  • Offers Guarantees to banks and financial institutions to enable exporters to obtain better facilities from them.
  • Offers Overseas Investment Insurance to Indian companies investing in joint ventures abroad in the form of equity or loan and advances.
  • Offers various products for the exporters and bankers. If readymade products are NOT suited to an exporter/banker then ECGC designs tailor made products.


Facilities:

  • Offers insurance protection to exporters against payment risks
  • Provides guidance in export-related activities
  • Makes available information on different countries with its own credit ratings
  • Makes it easy to obtain export finance from banks/financial institutions
  • Assists exporters in recovering bad debt
  • Provides information on credit-worthiness of overseas buyers


Records:

  • Largest Credit Limit – Rs. 80 Crores
  • Largest Claim Paid – Rs. 540 Crores
  • Largest Database – 8 Lakh Buyers
  • Largest Policy – Rs.450 Crores (Short Term)
  • Quickest Claim Paid – 2 days
  • Highest Compensation – Iraq (Rs.788 Crores)



shape Award's

Year’s Award’s
2013-14 Corporation has been awarded with First Prize for Excellence Implementation of
Official Language under the scheme “Shield for Excellent Official Language
Implementation
” by Ministry of Commerce during 2013-14.
2014 ECGC of India has been conferred with the “First Prize” under “Indira Gandhi
Rajbhasha Award
” in Region “B” for excellent implementation of Rajbhasha.
Smt. Geetha Mularidhar, Executive Director, has received this prestigious award
from Honorable President of India Shri Pranab Mukherjee on 15th November 2014
in a ceremony organized at Vigyan Bhavan, New Delhi.
2012–13 ECGC has been conferred the First Prize for excellent implementation of Rajbhasha for
the year 2012 – 13 by the Ministry of Commerce and Industry. Shri N.Shankar, CMD
of ECGC received the award from Ms. Anita Agnihotri, IAS, Additional Secretary
& Financial Advisor, in the function held on 17 October 2013. This is the 14th award
in the series of awards conferred on ECGC by the Ministry so far.
2012-13 Export Credit Guarantee Corporation Limited has received First Prize for Excellent
Implementation of Official Language for Year 2012-13 by “Aashirwad Sansthan”.
2011-12 Export Credit Guarantee Corporation of India Ltd. has been awarded the
Indira Gandhi Rajbhasha Puraskar 2011-12 for excellent implementation of
Official Language Policy (Ist Position) amongst the offices situated in the ‘B’ region.