Opening its 57th branch at Chennai, ECGC Ltd’s Chairman and Managing Director, Geetha Muralidhar, pointed to the present time to be the best for expanding operations of the company. Providing cost-effective export credit insurance to exporters and banks, ECGC aims to promote export.
Started in 1957, it is the fifth largest credit insurer in the world and provides credit insurance to exporters, covering the risk on the overseas buyers and countries. ECGC serves around 11,000 exporters and 40 commercial banks. It has introduced a new scheme to facilitate MSME exporters with turnover less than Rs 1 crore. The risk value covered for 2014-15 was at Rs 280,190 crore with a maximum liability of Rs 80,000 crore.
With an income of Rs 1362 crore, ECGC works in close quarters with export promotion bodies and the government to realise the target of achieving $900 billion by 2020. A draft report has been prepared by PMA Hakeem, former Chairman and Managing Director, ECGC. The main recommendation of the report is for ECGC’s operations to bring down the premium rates. Muralidhar pointed to ECGC working on the recommendations to benefit the exporters. She pointed to ECGC’s operations coming around 9 per cent while there is a scope or incurring 35 per cent of the value of exports.