EXIM Bank

  • EXIM stands for Export-Import
  • Export-Import Bank of India is a wholly owned Govt. of India entity
  • Established in 1982
  • HQ : New Delhi
  • Aim : financing, facilitating and promoting foreign trade of India.
  • The EXIM bank extends Line of Credit (loC) to overseas financial institutions, regional development banks, sovereign governments and other entities abroad.
  • Thus the EXIM Banks enables buyers in those countries to import developmental and infrastructure, equipment’s, goods and services from India on deferred credit terms.
  • The bank also facilitates investment by Indian companies abroad for setting up joint ventures, subsidiaries or overseas acquisitions.
  • Why in news?
    • The Union Cabinet has approved a capital infusion of Rs 6,000 crore in state-owned Export-Import Bank of India.