The government Wednesday decided to recapitalise state-owned Exim Bank to the tune of Rs 6,000 crore and double its authorised capital to Rs 20,000 crore. The equity will be infused in two tranches -- Rs 4,500 crore in 2018-19 and Rs 1,500 crore in 2019-20, Railway Minister Piyush Goyal told reporters after the Cabinet meeting here. "Cabinet approves recapitalisation of Export-Import Bank of India (Exim Bank) to the tune of Rs 6,000 crore and increases its authorised capital from Rs 10,000 crore to Rs 20,000 crore," he said.
Established by the Government of India, Exim Bank commenced operations as a purveyor of export credit, mirroring global export credit agencies. It serves as a growth engine for industries and small and medium enterprises through a wide range of products and services. This includes the import of technology and export product development, export production, export marketing, pre-shipment and post-shipment and overseas investment.
(With inputs from agencies.)