The Export Credit Guarantee Corporation of India Limited (ECGC) plans to open a branch office at Mangalore to cater to the needs of exporters and bankers in the region.
ECGC also proposes to open new branches at Vizag, Noida, Chandigarh, Jodhpur and Rajkot. With its head office at Mumbai, five regional offices and 30 branch offices spread across the country.
The ECGC provides export credit insurance facilities to exporters covering buyer-related risks like default, non acceptance of goods and insolvency, which are known as commercial risks.
Political risks like insurrection, coup, diversion of voyage and cancellation of import licences, restriction of remittances etc also covered by it. It provides bank guarantees to get export finance.
Bangalore branch which has jurisdiction over the Karnataka region has paid Rs 3.48 crore as claims as against a premium income of Rs 7.49 crore under its policy cover.
