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Commerce and Industry Minister Piyush Goyal has said that the Export Credit Guarantee Corporation (ECGC) has supported over 16,000 exporters with an aggregate value of business covered to the tune of Rs 6.68 lakh crore in 2022-23 and it is expected to increase to more than Rs 10 lakh crore this fiscal. The ECGC, wholly owned by the Government of India, was set up in 1957 with the objective of promoting exports from the country by providing credit risk insurance and related services. 

Goyal has stated that in the next four months, all procedures at the company would be made completely digital and grievance redressal mechanism to be implemented over video conference. He said that extended cover under export credit insurance for banks scheme with enhanced cover of 90 per cent would be extended to accounts with limits up to Rs 50 crore. He also said that the digitisation of processes at ECGC will enhance the convenience for the exporters. 

Last year, the company extended cover under Export Credit Insurance for banks (ECIB) scheme for the accounts with export credit working capital limits up to Rs 20 crore sanctioned by the banks (excluding traders and GJD exporters) with enhanced cover of 90 per cent. The minister said the extended cover under the scheme has resulted in easing of interest rates on the credit/loans obtained from the banks. He added that the benefit of the enhanced cover will be extended to the accounts with limits up to Rs 50 crore for four banks (SBI, Central Bank of India, Bank of Maharashtra and Saraswat Bank) without any additional cost.