Exim Bank(origin And History).docx

ORIGIN AND HISTORY The Export-Import Bank Act, 1981: An act to establish a corporation to be known as the Export-Import Bank of India for providing financial assistance to exporters and importers, and for functioning as the principal financial institution for co-ordinating the working of financial institutions engaged in financing the export and import of goods and services with a view to promoting the country’s international trade and for matters connected therewith and incidental to. History: This Act extends to the whole of India. With effect from the date i.e. September 1981, as the Central Government by notification, appointed, a corporation Known as the Export Import Bank of India was established for the purposes of this Act. The Export Import Bank of India, commonly known as the EXIM Bank, commenced operations in March 1982. It was set up so as to take over the operati export finance which the IDBI (Industrial Development Bank of India) had been handling since the year 1970. Exim Bank acts as the apex financial institution relating to financing for foreign trade. It provides financial assistance by way of direct loans and advances for the purpose of export or import, rediscounting of usance export bills for banks and finance for international trade activities. MISSION Exim Banks mission is to facilitate globalization of Indian Business. Exim Banks mission statement: “To develop commercially viable relationships with externally oriented companies by supporting their internationalization efforts, through a diverse range of products and services.” Objective The objective of the bank is- “… for providing financial assistance to exporters and importers, and for functioning as the principal financial institution for coordinating the working of institutions engaged in financing export and import of goods and services with a view to promoting the country’s international trade…” “… shall act on business principles with due regard to public interest” as Stated In the Export-Import Bank Act,1981. OBJECTIVES 1· To translate national foreign trade policies into concrete action points. 2· To provide alternate financing solutions to the Indian exporter, aiding him in his efforts to be internationally competitive. 3· To develop mutually beneficial relationships with the international financial community. 4· To initiate and participate in debates on issues centra The Organization: Objective, Vision & Functions The Exim Bank aims to promote India's international trade. The Logo reflects this.The Logo has a two-way significance. The import arrow is thinner than the export arrow. It also reflects the aim of value addition to exports.