The Silicon Review ^Asia

The government of India plans to pump Rs 6,000 crore into state-owned Exim Bank in a move to double its authorised capital to Rs 20,000 crore, the Economic Times reported.

According to the report, the funds will be infused in two tranches – Rs 4,500 crore in the fiscal year 2018-19 and Rs 1,500 crore in 2019-20, Railway Minister Piyush Goyal told media after the Cabinet meeting here on Wednesday.

“Cabinet approves recapitalisation of Export-Import Bank of India (Exim Bank) to the tune of Rs 6,000 crore and increase its authorised capital from Rs 10,000 crore to Rs 20,000 crore,” the minister said.

Exim bank was established in 1982 by the government of India. It commenced operations as a purveyor of export; serves a growth engine for small and medium enterprises among other industries through a wide range of products and services.

This includes export product development and import of technology, export marketing, export production, pre- and post-shipment, and overseas investment.

Exim (Export-Import) bank was established under Export-Import Bank of India Act 1981. The bank has been a key player in the promotion of cross border trade and investment, since its inception.