Financial Daily from THE HINDU group of publications
Wednesday, Nov 26, 2003
Financial Daily from THE HINDU group of publications Wednesday, Nov 26, 2003 |
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Money & Banking
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Non-Performing Assets Industry & Economy - Exports & Imports ECGC shells out Rs 31 cr towards guarantee claims Our Bureau
Mumbai , Nov. 25 EXPORT Credit Guarantee Corporation of India Ltd (ECGC) has paid seven large value guarantee claims aggregating to Rs 31.10 crore on account of the failure of exporters to repay the export credit advances to the banks. The corporation has paid claims to Rs 18.38 crore Bank of Baroda and Union Bank of India on account of default by a large diamond exporter, Rs 6.29 crore to Punjab and Sind Bank and Dena Bank due to default by a large steel exporter and Rs 6.43 crore to Indian Bank on account of default by a software exporter, a release said. During the current fiscal, the bank business branch has paid a total of Rs 64.59 crore against premium of Rs 60.74 crore earned during the same period. The corporation's metro branch at Bandra also paid a claim of Rs 2.95 crore to City Union Bank, Mumbai, on account of default by a large exporter, the release added.
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