Rs 133cr insurance claim payout by Surat ECGC in first quarter

Surat: The Export Credit Guarantee Corporation of India (ECGC) Ltd’s Surat branch made claim payment to the tune of Rs 133 crore to the banks under the Export Credit Insurance for Banks (ECIB) in the first quarter of the current financial year.
Official sources said that this was the highest ever claim payout by the ECGC’s Surat branch to the bank.
ECGC is essentially an export promotion organization, seeking to improve the competitiveness of the Indian exporters by providing them with credit insurance covers.
Sources said that ECGC provides a range of credit risk insurance covers to exporters against payment losses in export of goods and services with the objective of promoting exports from the country by providing credit risk insurance and related services for the export.
A senior officer of ECGC’s Surat branch said, “Exporters take export credit from the commercial banks, which are covered under the ECIB scheme. In case of payment losses, defaults or NPAs, the banks claim insurance from the ECGC.”