NEW DELHI: The government Wednesday decided to recapitalise
state-owned Exim Bank to the tune of Rs 6,000 crore and double its authorised
capital to Rs 20,000 crore.
The equity will be infused in two tranches — Rs
4,500 crore in 2018-19 and Rs 1,500 crore in 2019-20, Railway Minister Piyush
Goyal told reporters after the Cabinet meeting here.
“Cabinet approves recapitalisation of
Export-Import Bank of India (Exim Bank) to the tune of Rs 6,000 crore and
increase its authorised capital from Rs 10,000 crore to Rs 20,000 crore,”
he said.
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.
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