Export-Import Bank of India is the premier export finance institution of the country. It is an apex institution for coordinating the working of institutions in India engaged in financing exports and import of goods and services. Exim Bank was established on Jan 01, 1982 (and started functioning wef March 01, 1982) under Export Import Bank of India Act 1981. It has its headquarters in Mumbai.
One of the major functions of EXIM bank is to facilitates financing, facilitating and promoting foreign trade of India. It is wholly owned by the Government of India. It can raise funds from loans/grants from government, RBI, bonds issued in india and credit from institutions abroad.
EXIM Bank extends Lines of Credit (LOCs) to overseas financial institutions, regional development banks, sovereign governments and other entities overseas, to enable buyers in those countries to import developmental and infrastructure projects, equipment, goods and services from India, on deferred credit terms.
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The operations of the Bank are governed by a Board of Directors. The Board of Directors consists of a chairman, a managing director, two deputy managing directors; one director each nominated by the Reserve Bank of India; IDBI Bank Ltd. and ECGC Ltd.; and not more than 12 directors nominated by the Central Government of, whom 5 directors are Central Government officials; not more than 3 directors are from commercial banks; and up to 4 directors are professionals with experience in export / import or financing.
The main functions of EXIM Bank are:
The authorized capital of EXIM Bank is Rs 10000 crore. The cabinet has given the approval to increase the authorized capital to Rs 20000 crore in 2019.
EXIM banks provide finance to Indian companies, foreign companies and commercial banks in the form of Pre-shipment credit, term loans for export production, finance for export marketing, overseas investment finance, line of credit, export bill rediscounting, and overseas buyer’s credit.
The EXIM bank provides following services:
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