The Union Cabinet has approved the recapitalization of EXIM Bank. The details are as follows:
1. Issuance of Recapitalization Bonds by the Government of India to the tune of Rs.6,000 crore for capital infusion in Export-Import Bank of India (Exim Bank).
2. The equity will be infused in two tranches of Rs. 4,500 crore in FY 2018-19 and Rs.1,500 crore in FY 2019-20 respectively.
3. The Cabinet also approved an increase in the authorized capital of Exim Bank from Rs. 10,000 crore to Rs. 20,000 crore.
Source- AIR World Service
Static/Current Takeaways Important For IBPS Clerk Mains Exam:
- Exim Bank of India (Exim Bank) was established in 1982.
- It is regulated by RBI.
- David Rasquinha is the MD and CEO of EXIM Bank.