Mangaluru: ECGC Ltd Mangaluru (Formerly Export Credit Guarantee Corporation of India Ltd), oranganised a branch level gathering, here at Deepa Comforts, on March 12.
K Rajendran, Branch Officer, ECGC Ltd, Mangaluru, welcomed the gathering and spoke about the ECGC insurance policy benefits to the exporters. He explained the various categories of claims and the process of claim settlement.
“The claims get rejected under three categories. It’s due to non-compliance of basic terms and conditions, if the claim is outside the purview of insurance cover and if there’s a dispute or counter-claim,” he said.
He said that the direct benefit of an ECGC policy, is that the claims of the insured will be settled and the indirect benefit is, the bankers will finance the export business of the insured on the basis of the policy.
“We are happy that the claim is paid after going through the procedures,” he added.
Nirdosh Chopra, Regional Manager, ECGC Ltd, said that the other advantages the exporter with an ECGC policy was business expansion and more credit opportunities.
“If the buyer doesn’t pay the exporter, ECGC will blacklist the buyer and he won’t be able to make any business transactions with anyone in the country of the exporter whom he hasn’t paid,” he said.
On being asked if the blacklisted buyer does business with any other country than India, Chopra informed that, there were ECGC centers all over the world and the buyer will be blacklisted in every country.
“Many of such buyers have themselves voluntarily paid, after being blacklisted,” he added.
Chopra said that he was happy to give away the claim settlement cheque today, as this was the highest amount in the history of Mangaluru.
Althaaf, owner of an exporting company, received Rs. 7.72 crore as a settlement amount. He thanked all the officials of ECGC Ltd and bank officials for their support.
B Sathish Rao, Executive Officer, ECGC LTD, Mangaluru, Sathish Cahndra Shetty, AGM, Karnataka Bank, Circle Office, Mangaluru and Krishnaraj, AGM, Canara Bank, Circle Office, Mangaluru and other exporters were present.
