ECGC launches scheme “Nirvik” to ease the lending process

Ministry of Commerce & Industry through Export Credit Guarantee Corporation has introduced a new Export Credit Insurance Scheme called NIRVIK. The Niryat Rin Vikash Yojana has been launched to enhance loan availability to exporters and to ease the lending process. Under the new scheme NIRVIK, up to 90 per cent of the principal amount and interest will be covered through insurance.

During the launch, Commerce Minister Piyush Goyal revealed that Central government will give support of Rs 8,500 crore to Export Credit Guarantee Corporation of India in the next 5 years.

Static/Current Takeaways Important For IBPS RRB Clerk Mains:

  • Union Minister of Commerce and Industry: Piyush Goyal.

Source: The News On AIR

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