Canara Bank enters into corporate agency agreement with ECGC

Bangalore, Jan 22 (UNI) Canara Bank has entered into corporate agency agreement with the Export Credit Guarantee Corporation of India Limited to provide export credit insurance agency services from its branches across the country.

The agreement was signed by Canara Bank Chairman and Managing Director M B N Rao and the Export Credit Guarantee Corporation of India Limited Chairman and Managing Director A V Muralidharan, a release here today said.

''It is a step towards hassle free value added service without any additional cost to exporters. In the present scenario of robust economic growth and changing customer preferences, there is a need to anticipate and proactively respond to provide world class products and services,'' the release added.

Canara Bank is a front runner in export finance, recording a total forex business turnover of Rs 137207 crore with an outstanding export credit of Rs 8,350 crore.

The ECGC is the fifth largest credit insurer of the world in terms of coverage of national exports. It is recognised as a specialised institution by the IRDA operating exclusively in the field of credit insurance. The ECGC has now widened its marketing channels through bank assurance.

Canara Bank has taken a positive step in joining hands with ECGC.

The coveted delivery channels of the Bank, comprising one International Division, 16 Foreign Departments, 19 Overseas Branches and 133 designated branches for exports, cater to the needs of exporters in the country.

UNI RM JJ 2000