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18 September, 2019 21:28 IST
Cabinet approves capital infusion of Rs 60 bn in Export-Import Bank of India
Source: IRIS | 17 Jan, 2019, 10.21AM
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The Union Cabinet, Prime Minister Narendra Modi, has approved the recapitalization of EXIM Bank with issuance of Recapitalization Bonds by Government of India to the tune of Rs 60 billion for capital infusion in Export Import Bank of India (Exim Bank).

The equity will be infused in two tranches of Rs 45 billion in FY 2018-19 and Rs 15 billion in FY 2019-20 respectively. The Cabinet also approved an increase in the authorized capital of Exim Bank from Rs 100 billion to Rs 200 billion. The recapitalisation bonds will be on the lines issued to Public Sector Banks.
 
Exim Bank is the principal export credit agency for India. The infusion of capital into Exim Bank will enable it to augment capital adequacy and support Indian exports with enhanced ability. The infusion will give an impetus to anticipate new initiatives like supporting Indian textile industries, likely changes in Concessional Finance Scheme (CFS), likelihood of new LoCs in future in view of India's active foreign policy and strategic intent.

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