ECGC SIGNS MOU WITH THE BANK OF RAJASHTHAN LTD FOR BANCASSURANCE

ECGC SIGNS MOU WITH THE BANK OF RAJASHTHAN LTD FOR BANCASSURANCE

(PRWEB) December 24, 2003 --
Export Credit Guarantee Corporation of India Ltd., (ECGC), a Government of India Enterprise signed its fourth bancassurance with Bank of Rajasthan Ltd at the bank’s premises today. The agreement was signed by Mr. S. Prabhakaran, Executive Director of ECGC and Mr. Vinod Juneja, Executive Director of the Bank . in the presence of Mr. P. M. A. Hakeem, Chairman ECGC and Mr. P. K. Tayal, Chairman of the bank. With this, ECGC has singed such agreements with five banks so far.

ECGC is a pioneer organization extending credit insurance protection to the exporters against non-receipt of export proceeds for commercial and political reasons since 1957. ECGC is registered with the Insurance Regulatory and Development Authority (IRDA) since September 2002 under General Insurance – miscellaneous.

There are five products now available under the Bancassurance for marketing by the banks.

Mr. Hakeem informed that ECGC has introduced two products since April 2003 for the exporters namely, Exports (Specific Buyer) Policy and Exports (Turnover) Policy thereby widening the options available to exporters. With the revision of premium rates from April 2003, these products are now available at affordable costs.

Mr. Prabhakaran informed that ECGC has made many special efforts in streamlining its operations and of the schemes applicable to the exporters, in particular such as reduction in premium rates, raising no claim bonus rates, streamlining the claim procedures, quick disposal of the claims, on line approval of credit limits, WAN connectivity, e-connectivity to the exporters etc. It is now possible for all branches of ECGC to take decision on buyer wise limit applications themselves. ECGC has now a network of 34 branches for providing services to the exporters.

ECGC is the only organisation who provides insurance for losses arising out of non-payment by the buyers sighting minor discrepancies under letters of credit transactions. ECGC provides this cover under its Standard Policies subject to certain conditions.

Bancassurance is assuming greater importance in India. All the insurance companies have chosen the route to enlarge their customer base and business. Through this route, ECGC too is aiming at reaching the door steps of all the exporters for providing efficient and instant service so as to achieve its goal of increasing India’s exports.
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