- EXIM stands for Export-Import
- Export-Import Bank of India is a wholly owned Govt. of India entity
- Established in 1982
- HQ : New Delhi
- Aim : financing, facilitating and promoting foreign trade of India.
- The EXIM bank extends Line of Credit (loC) to overseas financial institutions, regional development banks, sovereign governments and other entities abroad.
- Thus the EXIM Banks enables buyers in those countries to import developmental and infrastructure, equipment’s, goods and services from India on deferred credit terms.
- The bank also facilitates investment by Indian companies abroad for setting up joint ventures, subsidiaries or overseas acquisitions.
- Why in news?
- The Union Cabinet has approved a capital infusion of Rs 6,000 crore in state-owned Export-Import Bank of India.