Rs 2,000 currency notes. (Photographer: Dhiraj Singh/ Bloomberg)

Cabinet May Consider Capital Infusion Proposal For Exim Bank Tomorrow

The Union Cabinet is likely to consider fund infusion in Export-Import Bank of India in its meeting scheduled on Wednesday, according to people in the know.

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, the people said.

The infusion would help the bank expand its business, the people said. 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.