Exim Bank to get Rs 6,000 cr

Tribune News Service

New Delhi, January 16

The government today approved a capital infusion of Rs 6,000 crore in state-owned Exim Bank to expand its business.

The Union Cabinet, chaired by Prime Minister Narendra Modi, also approved an increase in the bank’s authorised capital from Rs 10,000 crore to Rs 20,000 crore.

Briefing reporters about the decisions, Railway Minister Piyush Goyal said it has been decided to issue recapitalisation bonds by the Government of India to the tune of Rs 6,000 crore for capital infusion in Export-Import Bank of India (Exim Bank).

“The equity will be infused in two tranches of Rs 4,500 crore in 2018-19 and Rs 1,500 crore in 2019-20 respectively,” he said.

The recapitalisation bonds will be on the lines of those issued to PSBs. It will enable the bank to augment capital adequacy and support Indian exports.