The Union Cabinet in its meeting scheduled on Wednesday is likely to consider fund infusion in Export-Import Bank of India (Exim Bank), sources said.
The meeting, headed by Prime Minister Narendra Modi, may take up a host of issues including a capital infusion of Rs 500 crore in Exim Bank, sources said. The infusion would help the bank expand its business, sources added. The government infused Rs 500 crore in Exim Bank last financial year.
Established by the Government of India, Exim Bank commenced operations as a purveyor of export credit, mirroring global export credit agencies.
It serves as a growth engine for industries and small and medium enterprises through a wide range of products and services. This includes import of technology and export product development, export production, export marketing, pre-shipment and post-shipment and overseas investment.