ECGC Full Form
The Full Form of ECGC is Export Credit Guarantee Corporation of India Limited. ECGC is a company that is controlled by the Ministry of Commerce, Government of India and is based in Mumbai, Maharashtra. The main aim of this company is to protect exporters of India, to protect banks in India from credit risks. It also encourages exporters so that they can search out for new markets and new importers.
ECGC is a wholly owned company of the Government of India. The company is located in Mumbai, Maharashtra. ECGC is regulated by the Ministry of Commerce and provides export credit insurance assistance to Indian exporters. ECGC provides a range of credit risk insurance cover to exporters against loss in case of export of goods and services and guarantees to enable banks and financial institutions to avail better facilities from them. Export Credit Guarantee Corporation of India Limited also provides foreign investment insurance to Indian companies investing in joint ventures abroad in the form of equity or loans and advances.
ECGC Full Form
ECGC Full Form in English
Export Credit Guarantee Corporation of India Limited
ECGC फुल फॉर्म in Hindi
भारतीय निर्यात ऋण गारण्टी निगम
Overview of Export Credit Guarantee Corporation:
|Tagline of ECGC:||You focus on exports. We cover the risks.|
|Type||State-owned enterprise, Public|
|Founded||30 July 1957|
|Headquarters||Mumbai, Maharashtra, India|
|Key people||Geetha Muralidhar (Chairman & MD)|
|Products||Export Credit Insurance|
|ECGC Website||Official Website|
ईसीजीसी क्या है?
ईसीजीसी का फुल फॉर्म “एक्सपोर्ट क्रेडिट गारंटी कॉरपोरेशन ऑफ इंडिया लिमिटेड” है। ईसीजीसी भारत सरकार के पूर्ण स्वामित्व वाली कंपनी है। कंपनी मुंबई, महाराष्ट्र में स्थित है। ईसीजीसी को वाणिज्य मंत्रालय द्वारा नियंत्रित किया जाता है और भारतीय निर्यातकों को निर्यात ऋण बीमा सहायता प्रदान करता है। जुलाई 1957 में, भारत सरकार ने क्रेडिट पर निर्यात के जोखिम को कवर करके निर्यात प्रोत्साहन को मजबूत करने के लिए शुरू में निर्यात जोखिम बीमा निगम (ईआरआईसी) की स्थापना की थी। यह वाणिज्य और उद्योग मंत्रालय के प्रशासनिक नियंत्रण में कार्य करता है
What is ECGC (Export Credit Guarantee Corporation)?
Meaning of ECGC: ECGC is basically known as an export promotion organization that helps in improving the competitiveness of the Indian exports. ECGC helps them by providing credit insurance covers, by introducing various export credit insurance schemes and related export services.
Various export credit insurance schemes that are introduced by ECGC has helped many commercial banks to meet up their requirements. These schemes help in providing timely and adequate export credit facilities to the exporters. Moreover, ECGC premium rates are always kept at optimal level.
Also Know About: What is the full form of SEBI
Establishment of ECGC:
- In July 1957: The Government of India has set up Export Risks Insurance Corporation (ERIC).
- In July 1964: ERIC was transformed to Export Credit and Guarantee Corporation Limited (ECGC).
- In July 1983: ECGC was named as Export Credit Guarantee Corporation of India.
- With effect from 8 August 2014: EXPORT CREDIT GUARANTEE CORPORATION OF INDIA LIMITED named has been changed to ECGC Limited.
How does ECGC protect exporters?
- Exporters that have faced loss in export of goods and services, ECGC provides credit risk insurance covers to them.
- To enable exporters, ECGC offers guarantees to various financial and banking institutions, so that they can obtain better facilities.
- ECGC also provides Overseas Investment Insurance in the form of equity or loan and advances to Indian companies that are investing in joint ventures abroad.
Know About: ICAR Full Form
What is the need for Export Credit Insurance?
Export Credit Insurance (ECI) reduces the payment risks for those that are doing business internationally means if in case the foreign buyer is not able to pay to the exporter, then it gives confidence or certainty that payment of exporter will then be done. ECI is offered in two ways i.e. it will be offered either on a single-buyer basis or on a portfolio multi-buyer basis. The ofference is made for short-term (up to one year) and medium-term (one to five years) repayment periods.
Where Can I Get Export Credit Insurance?
Export Credit Insurance Policies are provided by private commercial risk insurance companies and Export-Import Bank of the United States (EXIM). These agencies works is to help in financing the export of U.S. goods and services to international markets.
The benefit of Export Credit Insurance is that it boosts sales with existing customers, it transfers the burden of credit management, it expands into new markets and realize tax benefits.
Read about: RTI Full Form in English/Hindi
Facilities by ECGC
- It helps in providing advice or information that aimed at resolving problems in export-related activities.
- It assists the exporter that helps in recovering their bad debt.
- It makes export finance from banks/financial institutions in an easy way to obtain.
- It offers insurance protection to exporters.
Procedure carried out with ECGC to cover insurance:
- First of all, a purchase order is to be issued to the seller (exporter) by the buyer. The purchase order contains complete details about the buyer.
- Then the seller speaks about the proposal to ECGC in order to get approval on the buyer and the amount that is to be shipped.
- ECGC, then with the help of overseas network gave complete details to the seller (exporter) regarding the creditworthiness extent of the buyer.
- ECGC collects some amount on the export and issues insurance policy.
We hope that the information provided above by the team of recruitmentresult.com helps you in understanding the meaning of ECGC and knowing ECGC Full Form, ECGC Full Form in Hindi and English, ECGC Full Form in Hindi, ECGC ka Full Form, ECGC का फुल फॉर्म, ECGC Full Name, ECGC ka Full Form Kya Hai, functions and facilities provided by Export Credit Guarantee Corporation of India Limited etc in an easy way. You can also bookmark our site recruitmentresult.com for more similar updates.
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