ECGC PAYS OVER RS.100 CRORES GUARANTEE CLAIMS TO BANKS IN MARCH 2004

(PRWEB) April 3, 2004 --ECGC (Export Credit Guarantee Corporation of India Ltd.), India's major Export Credit Risk Insurance Oraganization under the administrative control of Ministry of Commerce, supports India's Exports by offering credit Risk Insurance to Exporters and Bankers, under various schemes operative for the benefit of the exporters and banks.

During March 2004, ECGC paid Rs.100.81 Crores worth Claims to various banks situated all over India due to the default of their exporter clients covered under Guarantee Schemes.

One of the largest beneficiaries is State Bank Of India with Rs.37.53 Crore taking the total claim to this bank during the year to Rs.98 Crore. Other major banks are Punjab National Bank Rs.16.7 Crore, Allahabad Bank Rs.12.7 Crore and Bank Of India Rs.10.83 Crore. The rest of the banks who received claim settlements during March were Dena Bank, Tamilnadu Merchant Bank, State Bank of Indore, Bank of Baroda, State Bank of Travancore, Punjab & Sindh Bank, Central Bank of India, United Bank of India and State Bank of Mysore under various Guarantee schemes of Corporation. The settlements aggregated to the highest amount of claim paid by ECGC so far in any single month.

ECGC closed the year with a record premium income of Rs.444 Crores.