What Are The Role Of ECGC

Hello sir, is there any one can provide me detail for to understand the role of ECGC? Please tell me what are the roles of ECGC?

[shikha]

The ECGC or Export Credit Guarantee Corporation of India Limited is a company wholly owned by the Government of India.

It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce.

Government of India had initially set up Export Risks Insurance Corporation (ERIC) in July 1957.

It was transformed into Export Credit and Guarantee Corporation Limited (ECGC) in 1964 and to Export Credit Guarantee of India in 1983.

The ECGC is Provides a range of credit risk insurance covers to exporters against loss in export of goods and services as well.

This is also Offers guarantees to banks and financial institutions to enable exporters to obtain better facilities from them.

Need to ECGC:

Risks Covered :
Commercial Risks
Insolvency of buyer / LC opening bank
Protracted Default of buyer
Repudiation by buyer
Political Risks
War / civil war / revolutions
Import restrictions
Exchange transfer delay / embargo
Any other cause attributable to importing country
Products offered to Exporters :
Standard Policy
Small Exporters policy
Specific Shipment Policy (short term)
Export Turnover policy
Specific buyer wise policy
Consignment export ( Stock holding agent)policy
Consignment export (Global entity) policy
Single buyer exposure policy
Multi buyer exposure policy
Software project exports policy
IT enabled (single customer) policy
IT enabled (multi customer) policy
SME Policy
Customer specific policy (Tailor made)

Notable Records:

Largest Policy – short term Rs.450 crores
Largest database on buyers 8 lakhs
Largest credit limit Rs.80 Crores
Largest claim paid Rs.540 crores
Quickest claim paid 2 days
Highest compensation-Iraq Rs 788 Crores