Export Credit Guarantee Corporation of India (ECGC) has introduced the Export Credit Insurance Scheme (ECIS) called NIRVIK to enhance loan availability and ease the lending process.
It is an insurance cover guarantee that will cover up to 90% of the principal and interest. The cover will include both pre and post-shipment credit.
The ECGC currently provides credit guarantee of up to 60% loss.
The enhanced cover will ensure that Foreign and Rupee export credit interest rates will be below 4% and 8% respectively for exporters.
Export Credit Guarantee Corporation of India
ECGC Ltd is wholly owned by the Ministry of Commerce and Industry.
The Government of India had initially set up Export Risks Insurance Corporation in 1957.
After the introduction of insurance covers to banks during the period 1962-64, the name was changed to Export Credit & Guarantee Corporation Ltd in 1964.
It was changed to ECGC Ltd in August 2014.
Its objective was to promote exports from the country by providing credit risk insurance and related services for exports.
