Export-Import Bank of India pays 433 cr to Government as Balance of Net Profit

BANKING

Exim Bank 

pays  433 cr to

Government 

as Balance of

 Net Profit

by Shrutee K/DNS

Shri Yaduvendra Mathur, Chairman & Managing Director, Export-Import Bank of India (Exim Bank), presented an RTGS receipt of 433 crore to Hon’ble Union Minister of Finance, Shri  Arun Jaitley, representing Balance of Net Profit transferred to the Government, for the financial year ended March 31, 2015. The Bank made a post-tax profit of ` 726  crore for the financial year 2014-2015.  In the last five years, the Bank has transferred ` 1425 crore as Balance of Net Profit to the Government. Exim Bank’s paid-up capital is entirely subscribed by the Government of India.

 

Exim Bank’s principal objective is to finance export of projects, products and services from India through a variety of financing programmes including Lines of Credit to overseas entities and Buyer’s Credits to overseas importers.  Exim Bank, in conjunction with ECGC, offers Buyer’s Credit under Government of India’s National Export Insurance Account (NEIA), under which the Bank finances project exports from India on medium to long term basis to foreign governments and government-owned entities, without recourse to Indian project exporters.

The Bank has set up a Special Purpose facility for financing infrastructure projects in neighbouring countries. Under the GoI’s Act East Initiative, the Bank has set up a project development company for promotion of trade and investments in CLMV countries. The Bank along with IL&FS, African Development Bank and the State Bank of India has also floated a project development company in Africa. Exim Bank also offers a comprehensive programme to support Indian investment overseas. The Bank has separate Groups for supporting Small and Medium Enterprises and Rural Grassroots Business Initiatives.