- 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.