ECGC Signs Memorandum of Understanding for the Year 2005-06 With the Ministry of Commerce & Industry, Government of India

ECGC Signs Memorandum of Understanding for the Year 2005-06 With the Ministry of Commerce & Industry, Government of India

(PRWEB) March 26, 2005 -- Export Credit Guarantee Corporation of India Limited (ECGC) signed its Memorandum of Understanding (MOU) with Ministry of Commerce & Industry for the year 2005-06 today.

Shri P.K. Dash, I.A.S., Chairman and Managing Director of ECGC and Shri S.N. Menon I.A.S, Commerce Secretary signed the MOU, Shri S.S. Kapur I.A.S, Joint Secretary in the Ministry and Director of ECGC and senior officials of ECGC were present on the occasion.

Under the MOU, ECGC has committed to conduct its business operations to the level expected by the Ministry. The performance is measured in terms of 24 performance indicators identified by the Ministry. These indicators cover the areas of finance, productivity, ISO certification of 15 branches of ECGC, service delivery issues like claim settlements, buyer wise approvals etc. ECGC is also expected to develop risk rating models and also to make efforts to global bench marking of its activities during the financial year 2005-06.

The performance is measured in a five scale scoring methodology, ranging from poor to excellent for each of the performance indicators. ECGC's performance has been rated as excellent for the last three years. For the year 2004-05 ECGC is expected to be receiving an excellent rating.

ECGC received additional capital of Rs.100 crores this year from the Government of India making its paid up capital to Rs.600 crores as on date. In the current year ECGC has introduced new products for the benefit of soft ware exporters and it enabled service exporters. A customer survey was also conducted by ECGC through a well known consultant firm on an all India basis. The outcome of the survey has been analysed and ECGC has initiated necessary action to address the issues.

Premium income during the current financial year has crossed the Rs.500 crores mark today with claim payment aggregating to around Rs.320 crores.

Shri S.N. Menon desired that ECGC should perform well in the coming financial year and continue to improve its service delivers to the exporters and paly its role of export promotion.

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