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Cabinet approves capital infusion of Rs 6,000 cr in Exim Bank over 2 years

The government had provided for Rs 500 crore towards capital infusion in the Exim Bank in the budget for this fiscal

Press Trust of India  |  New Delhi 

exim bank, exim india
EXIM Bank (Photo: twitter)

The on Wednesday decided to recapitalise state-owned to the tune of Rs 6,000 crore and double its authorised capital to Rs 20,000 crore.

The equity will be infused in two tranches -- Rs 4,500 crore in 2018-19 and Rs 1,500 crore in 2019-20, Railway Minister Piyush Goyal told reporters after the Cabinet meeting in New Delhi.

"Cabinet approves recapitalisation of of (Exim Bank) to the tune of Rs 6,000 crore and increase its authorised capital from Rs 10,000 crore to Rs 20,000 crore," he said.

Established by the of India, commenced operations as a purveyor of export credit, mirroring global

It serves as a growth engine for industries and small and medium enterprises through a wide range of products and services.

This includes import of technology and export product development, export production, export marketing, pre-shipment and post-shipment and overseas investment.

First Published: Wed, January 16 2019. 13:20 IST