ECGC Full Form in Banking, What Does ECGC Stand For?
ECGC full form in banking is Export Credit Guarantee Corporation of India Limited. It is a government-owned business of export credit providers and has been set up by the Ministry of Industry and Commerce. It is fundamentally an export promotion organization that seeks to improve the competitiveness of Indian exports by offering credit insurance coverage. The organization has commenced multiple export credit insurance methods to cater to the need for commercial banks to extend export credit.
The corporation offers insurance safety to Indian exporters against payment risks while helping them in multiple ways, including the following:
- Help local exporters recover bad debts
- Offer information on the credit of foreign buyers
- Providing information regarding credit ratings of various countries
ECGC also provides special policies to the exporters, including:
- Packing credit guarantee
- Export business guarantee
- Transfer guarantee
- Send overseas production finance guarantee
- Post-shipment export credit guarantee
- Export performance guarantee
What Else Should You Know About ECGC?
- ECGC provides a wide range of credit risk insurance plans to exporters belonging to India against loss concerning the export of their services and goods.
- ECGC imparts ECI (export credit insurance) to financial institutions and banks for allowing exporters to look for better services from them.
- ECGC provides OII (overseas investment insurance) to Indian enterprises investing in JVs overseas in the form of equity or loans.