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Important Facts For Prelims

Nirvik Scheme

  • 31 Oct 2019
  • 1 min read
  • 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.

Source: PIB

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