What It Does: It provides export credit insurance support to Indian exporters.
Mission: To support the Indian Export Industry by providing cost-effective insurance and trade-related services to meet the growing needs of the Indian export market by optimal utilization of available resources.
Vision: To excel in providing export credit insurance and trade-related services.
Size & Presence:51-200 Employee. South Indian Bank with more than 400 branches across 14 States will facilitate the distribution of credit policies of ECGC.
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 for exports. It functions under the administrative control of the Ministry of Commerce & Industry and is managed by a Board of Directors comprising representatives of the Government, Reserve Bank of India, banking, and insurance and exporting community. Over the years it has designed different export credit risk insurance products to suit the requirements of Indian exporters and commercial banks extending export credit.
ECGC is essentially an export promotion organization, seeking to improve the competitiveness of the Indian exporters by providing them with credit insurance covers. ECGC keeps its premium rates at the optimal level.
Provides a range of credit risk insurance covers to exporters against loss in export of goods and services Offers Export Credit Insurance covers to banks and financial institutions to enable exporters to obtain better facilities from them Provides Overseas Investment Insurance to Indian companies investing in joint ventures abroad in the form of equity or loan.
Payments for exports are open to risks even at the best of times. The risks have assumed large proportions today due to the far-reaching political and economic changes that are sweeping the world. An outbreak of war or civil war may block or delay payment for goods exported. A coup or an insurrection may also bring about the same result. Economic difficulties or balance of payment problems may lead a country to impose restrictions on either import of certain goods or on the transfer of payments for goods imported. In addition, the exporters have to face commercial risks of insolvency or protracted default of buyers. The commercial risks of a foreign buyer going bankrupt or losing his capacity to pay are aggravated due to political and economic uncertainties. Export credit insurance is designed to protect exporters from the consequences of the payment risks, both political and commercial, and to enable them to expand their overseas business without fear of loss.
The need for export promotion had started immediately after Independence in 1947. In 1953, a proposal for the initiation of an export credit guarantee scheme was put forward at a meeting of the Export Advisory Council. Ministry of Commerce & Industry analyzed in depth the pros and cons of the Export Credit Insurance Scheme and a revised draft proposal on the scheme was presented to the Export Advisory Council in 1955.
Shri T T Krishnamachari, Finance Minister in Pandit Nehru’s cabinet appointed a special committee under the Chairmanship of Shri T.C.Kapur to examine the feasibility of setting up an effective organization to provide insurance against export credit risks. The Government accepted the recommendations of the Kapur Committee and thus the Export Risk Insurance Corporation (ERIC) was registered on 30th July 1957 in Mumbai as a Private Ltd. Company, entirely state-owned, under the Companies Act with an authorized capital of Rs.5 crores and paid-up capital of Rs.25 lakhs. Shri Ratilal M Gandhi was the First Chairman and Shri T C Kapur was the First Managing Director of the Corporation. Shri Morarji Desai, Union Commerce Minister inaugurated ERIC and the first Policy was issued on 14th October 1957.
After the introduction of insurance covers to banks during the period 1962-64, ERIC’s name was changed to Export Credit & Guarantee Corporation Ltd in 1964. The above name was changed to Export Credit Guarantee Corporation of India Ltd. in the year 1983. Subsequently, in August 2014, it was renamed ECGC Ltd.
ECGC is a progressive organization well equipped to face the challenges posed by the changing economic and global environment. It is professionally managed and provides a conducive work environment. Employees get exposure in the field of international trade and investment apart from the core business of Credit Insurance. The Corporation has linkages with various national and international organisations associated with International trade.
ECGC imbibes a healthy and competitive attitude among the employees to bring out the best in each of them. ECGC empowers the employees through various training programmes and supportive environments to improve their performance and align their career goals with the organisational goals to achieve continuous growth and progress of the organisation. Working as an ECGCian, everything that I have done has helped me grow as a professional as well as an individual. The trust, faith and empowerment bestowed on the young employees set the tone for the strong foundation of the Organisation. Truly it is a rewarding experience to be associated with this great organization.
The Corporation uses technology to drive its business. Human Resources Management programmes are designed in such a way to develop managers with the capability of adopting strategies in a proactive manner in a fast-changing environment and contributing to the output of the Organization with a focus on customer needs. The Corporation aims to enhance Indian exports through insurance facilities to Indian exporters and bankers and thus strives to make a valuable contribution to society at large.
Career opportunities in harmony with the corporate environment exist. The organisation provides an upbeat environment, full of challenges and opportunities in which employees can learn and grow. The focus is on leadership development through delegation of powers and opportunities for continuous enhancement of skills by Job rotation for overall personality development. The employees are equipped with skills and knowledge, making them assets of the Corporation through various growth-oriented programmes like training, seminars, workshops etc.
As per the MOU signed with the Ministry of Commerce, Govt. of India for the year 2011-12, ECGC has undertaken the following three projects at M Ward, Mankhurd, Mumbai with the help of the National Corporate Social Responsibility Hub ( NCSRH) under the administrative control of Tata Institute of Social Science, ( TISS ), Chembur, Mumbai. The above projects will be completed by March.