Important Static Data about ECGC Part-1| ECGC PO 2022 Important static facts| ECGC PO 2022

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Important static data about ECGC,
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0:00 Introduction
2:32 History of ECGC
3:41 Shri T T Krishnamachari, Finance Minister in Pandit Nehru's cabinet appointed a special committee under the Chairmanship of Shri T.C.Kapur to examine the feasibility of setting up an effective organization to provide insurance against export credit risks. The Government accepted the recommendations of Kapur Committee and thus the Export Risk Insurance Corporation (ERIC) was registered on 30th July 1957 in Mumbai as a Private Ltd.
5:53 Company, entirely state owned, under the Companies Act with an authorized capital of Rs.5 crores and paid up capital of Rs.25 lakhs. Shri Ratilal M Gandhi was the First Chairman and Shri TC Kapur was the First Managing Director of the Corporation. Shri Morarji Desai, Union Commerce Minister inaugurated ERIC and the first Policy was issued on 14th October 1957.
8:17 After introduction of insurance covers to banks during the period 1962-64, ERIC's name was Corporation Ltd in 1964. The above name was changed to Export Credit Guarantee Corporation of India Ltd. in the year 1983. Subsequently in August 2014, it was renamed as ECGC Ltd.
9:42 WHAT DOES ECGC DO? Provides a range of credit risk insurance covers to exporters against loss in export of goods and services. Offers Export Credit Insurance covers to banks and financial institutions to enable exporters to obtain better facilities from them. Provides Overseas Investment Insurance to Indian companies investing in joint ventures abroad in the form of equity or loan.
11:33 To promote exports from the country by providing Credit Risk Insurance and related services for exports. To encourage and facilitate globalization of India's trade.
13:16 To protect the Indian exporters against unforeseen losses, which may arise due to failure of the buyer, bank or problems faced by the country of the buyer by providing cost effective credit insurance covers in the form of Policy, Factoring and Investment Insurance Services comparable to similar covers available to exporters in other countries. To facilitate availability of adequate bank finance to the Indian exporters by providing surety insurance covers for bankers at competitive rates.
14:56 To develop world class expertise in credit insurance among employees and ensure continuous innovation and achieve the highest customer satisfaction by delivering top quality service.
16:22 VISION The vision of ECGC Ltd. is to excel in providing export credit insurance and trade related services. MISSION The mission of ECGC is to support the Indian Export Industry by providing cost effective insurance and trade related services to meet the growing needs of Indian export market by optimal utilization of available resources.
17:11 Tagline - You focus on exports. We cover the risks. Industry type Insurance Present Paid Up Capital- 3190 Crores • Present Authorized Capital- 5000 crores • ECGC Ltd. is the seventh largest credit insurer of the world in terms of coverage of national exports.