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Cabinet approves Rs.700 cr for ExIm Bank, exporters to benefit

Government Thursday approved infusion of Rs.700 crore to the Export-Import bank of India (Exim Bank) to support the future growth of the bank.

The Cabinet Committee on Economic Affairs (CCEA) approved the funding which was proposed in the budget.

The CCEA said that the decision will enable the bank to raise higher amount of borrowings and thereby support Indian exporters to secure large overseas projects through on-lending.

"The infusion of funds in Exim Bank will ensure compliance to the regulatory norms on capital adequacy, cater to the credit needs of productive sectors as well as to withstand impact of stress in the economy," the CCEA said in a statement.

Exim Bank was set up as a corporation in 1982 for providing financial assistance to exporters and importers.