Sitharaman announces expansion of ECIS to offer higher insurance cover to banks

Union Finance Minister Nirmala Sitharaman on Saturday announced a series of steps to boost export and revive growth. Sitharaman had announced the first set last month and promised to be back with another round of initiatives to address sector-specific solutions and targets. The finance minister said that the Export Credit Guarantee Corp will expand scope of ECIS and offer higher insurance cover to banks lending working capital for exports. The move will cost Rs 1700 crore per annum to the government, Sitharaman added.