ecgc signs bancassurance with allahabad bank

ecgc

(PRWEB) February 18, 2004 --export Credit Guarantee Corporation of India Ltd., (ECGC), a Government of India Enterprise signed its seventh bancassurance with Allahabad Bank at Kolkata on 18th February, 2004. The agreement was signed by Mr. P.M.A. Hakeem, IAS, Chairman and Managing Director of ECGC and Mr. O.N. Singh, Chairman and Managing Director of the Bank. With this, ECGC has signed such agreements with seven 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.

Allahabad Bank is 139 years old bank with more than 2000 branch net work and 53 foreign exchange branches through out India. The bank is at present handling bills of international trade to the tune of Rs.7000 Crores. Both the institutions are happy to associate with each other for this purpose.

There are five products now available for the Indian Exporters 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 36 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 Indias exports.
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