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Mangalore June 6 The Mangalore branch of the Export Credit Guarantee Corporation (ECGC) of India has handed over a claim cheque of Rs 60 lakh to Syndicate Bank under the guarantee scheme for bankers.

In a press release, Mr K. Srinivasan, Branch Manager, ECGC, Mangalore, said that the Puttur main branch of Syndicate Bank had granted packing credit advances to one of its borrowers for the purpose of exports but the account had gone bad and hence the advances. Following this, Syndicate Bank lodged a claim with ECGC and it was admitted. The claim cheque for Rs 60 lakh, under the `whole turn-over guarantee' issued to Syndicate Bank, was handed over to Mr U. Shanbhag, Regional Manager of Syndicate Bank in Mangalore recently, the release said.

During 2006-07, the Mangalore branch of ECGC paid out claims amounting to Rs 1.04 crore under the guarantee scheme for bankers.

More Stories on : Exports & Imports | Public Sector Banks | Financial Institutions | Karnataka

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