Nagpur: The Nagpur Branch of ECGC Ltd (formerly Export Credit Guarantee Corporation of India Ltd), wholly owned by Government of India, which provides Credit Risk Insurance and related services for exports in the country, recently paid claim of Rs. 1 crore to one of their policy holders M/s Shah Nanji Nagsi Exports Pvt. Ltd. for non-receipt of payment for shipments made to their buyer in Benin (African country).
The claim cheque payment was made by Rajesh Modak, Branch Manager and was handed over to Rajesh Chheda, Director, M/s Shah Nanji Nagsi Exports Pvt. Ltd at his company office. Also present on this occasion were Sandeep Saini, Manager, ECGC and Arpit Jain, CA of M/s Shah Nanji Nagsi Exports Pvt. Ltd.
The ECGC Limited, to protect the exporters in India against payment risks involved in exports on short term credit, issues Declaration and Exposure based policies. It also provides Credit Insurance covers to banks in India to protect them from risks of loss involved in their extending financial support to exporters at the pre-shipment as well as post-shipment stages both under Short term as well as Medium and Long term exports.
ECGC Ltd (formerly Export Credit Guarantee Corporation of India Ltd), was set up in 1957 with the objective of promoting exports from the country by providing Credit Risk Insurance and related services for exports. Over the years it has designed different export credit risk insurance products to suit the requirements of Indian exporters and commercial banks extending export credit.