Govt sets up panel on working of EXIM Bank, ECGC

Government has set up a ten-member committee to examine issues related to effective functioning of Export Import Bank and Export Credit Guarantee Corporation (ECGC).

The committee, headed by the Finance Secretary, would recommend ways to strengthen functioning of these two organisations.

It will examine need for capital infusion, addressing regulatory constraints with respect to the EXIM Bank and ECGC.

The committee would submit its recommendations within six weeks from the date of holding its first meeting, the Commerce and Industry Ministry said in a series of tweets.

"The idea is to look at ways in which EXIM Bank and ECGC can be further strengthened to support and handhold our exporters," it said.

The terms of reference of the committee also include examining issues related to enhancing the role of ECGC by addressing regulatory constraints and suggest separate norms and policy guidelines for Export Import (EXIM) Bank and ECGC.

ECGC is an export promotion organisation, seeking to improve the competitiveness of Indian exporters by providing them with credit insurance covers.