ecgc SIGNS MOU WITH PUNJAB NATIONAL BANK FOR BANCASSURANCE

ecgc SIGNS MOU WITH PUNJAB NATIONAL BANK FOR BANCASSURANCE

(PRWEB) March 20, 2004 --Export Credit Guarantee Corporation of India Ltd., (ECGC), and Punjab National Bank (PNB) have today signed a Corporate Agency Agreement for marketing of ECGCs export credit insurance products thorough the network of PNB branches. The agreement was signed by Mr. S. Prabhakaran, Executive Director of ECGC and Mr. R. I. S. Sidhu, General Manager of Punjab National Bank. The agreement was singed in the presence of Mr. P.M.A. Hakeem, IAS, CMD, ECGC and Mr. S. S. Kholi, CMD, PNB.

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.

Mr. Hakeem, CMD, ECGC 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, protection to exporters for discrepant documents which are minor in nature, quick disposal of the claims, on line approval of credit limits, WAN connectivity, e-connectivity to the exporters etc.

PNB a leading nationalised bank with proven track record of over 108 years is having business exceeding Rs.1.3 lakh crores. The bank is handling export/import transaction on behalf of their clients and achieved Forex Turnover of around Rs.26000 Crores during 2002-03. Bank is having 131 authorised branches including 11 International Banking Branches to cater the needs of exporters and importers. Bank has established Representative Offices at Almaty & London and one Off-shore banking unit at SEEPZ, Mumbai. Bank is in the process of opening branch at Kabul and Representative offices at Shanghai & Dubai.

Speaking on the occasion, Mr. Kohli, CMD, PNB informed that the bank has been a front-runner in providing varied services and marketing of ECGC products by the bank will be another step in the direction of providing integrated financial solutions to our customers.

Under this arrangement, it is possible for both the institutions to reach the exporters in remote places for not only providing export credit facilities but also protect them against the non-receipt of valuable foreign exchange.
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