The Union Cabinet on Wednesday approved fund infusion in Export-Import Bank of India (Exim Bank), sources said. The infusion would help the bank expand its business, they added. The government had provided for Rs 500 crore towards capital infusion in the Exim Bank in the budget for this fiscal year. The government had infused Rs 500 crore in Exim Bank last financial year.
Established by the Government of India, Exim Bank commenced operations as a purveyor of export credit, mirroring global export credit agencies. 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.