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Consider the following statements regarding Export-Import Bank of India (EXIM Bank):
- It is the premier export finance institution of the country wholly owned by the Government of India.
- It extends Lines of Credit (LOCs) to overseas financial institutions to enable buyers in those countries to import goods and services from India.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Consider the following statements regarding Export-Import Bank of Indi...
**Explanation:**
The correct answer is option C, i.e. both statements 1 and 2 are correct.
**Statement 1:** Export-Import Bank of India (EXIM Bank) is the premier export finance institution of the country wholly owned by the Government of India.
This statement is correct. Export-Import Bank of India (EXIM Bank) is a specialized financial institution that was established in 1982. It is the premier export finance institution of the country and is wholly owned by the Government of India. The bank's primary objective is to enhance the competitiveness of Indian exports through various financial assistance programs.
**Statement 2:** It extends Lines of Credit (LOCs) to overseas financial institutions to enable buyers in those countries to import goods and services from India.
This statement is also correct. One of the key functions of Export-Import Bank of India (EXIM Bank) is to provide Lines of Credit (LOCs) to overseas financial institutions. These LOCs are extended to enable buyers in those countries to import goods and services from India. LOCs are essentially a form of financing provided by EXIM Bank to foreign buyers, which allows them to import goods and services from India on favorable terms. These LOCs help promote Indian exports by providing affordable credit to overseas buyers.
In addition to providing LOCs, Export-Import Bank of India (EXIM Bank) also offers various other financial products and services such as export credit, export credit insurance, project export finance, buyer's credit, and overseas investment finance. The bank plays a crucial role in promoting and facilitating international trade and investment for India.
Therefore, both statements 1 and 2 are correct, and the correct answer is option C.
The correct answer is option C, i.e. both statements 1 and 2 are correct.
**Statement 1:** Export-Import Bank of India (EXIM Bank) is the premier export finance institution of the country wholly owned by the Government of India.
This statement is correct. Export-Import Bank of India (EXIM Bank) is a specialized financial institution that was established in 1982. It is the premier export finance institution of the country and is wholly owned by the Government of India. The bank's primary objective is to enhance the competitiveness of Indian exports through various financial assistance programs.
**Statement 2:** It extends Lines of Credit (LOCs) to overseas financial institutions to enable buyers in those countries to import goods and services from India.
This statement is also correct. One of the key functions of Export-Import Bank of India (EXIM Bank) is to provide Lines of Credit (LOCs) to overseas financial institutions. These LOCs are extended to enable buyers in those countries to import goods and services from India. LOCs are essentially a form of financing provided by EXIM Bank to foreign buyers, which allows them to import goods and services from India on favorable terms. These LOCs help promote Indian exports by providing affordable credit to overseas buyers.
In addition to providing LOCs, Export-Import Bank of India (EXIM Bank) also offers various other financial products and services such as export credit, export credit insurance, project export finance, buyer's credit, and overseas investment finance. The bank plays a crucial role in promoting and facilitating international trade and investment for India.
Therefore, both statements 1 and 2 are correct, and the correct answer is option C.
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Consider the following statements regarding Export-Import Bank of Indi...
MD of EXIM Bank of India recently said that India's future Lines of Credit (LoCs) to Africa could focus on defence exports to meet the requirements of the continent.
About Export-Import Bank of India (EXIM Bank):
- It is the premier export finance institution of the country.
- It was established by the Government of India, under the Export-Import Bank of India Act, 1981
- EXIM Bank wholly owned by the Government of India.
- Services:
- EXIM Bank provides financial assistance to exporters and importers.
- It extends Lines of Credit (LOCs) to overseas financial institutions, regional development banks, sovereign governments and other entities overseas, to enable buyers in those countries to import developmental and infrastructure projects, equipment, goods and services from India, on deferred credit terms.
- It functions as the principal financial institution for coordinating the work of institutions engaged in financing export and import of goods and services with a view to promoting the country's international trade.
- Structure:
- The operations of the Bank are governed by a Board of Directors.
- The Board of Directors consists of a chairman, a managing director, two deputy managing directors; one director each nominated by the Reserve Bank of India; IDBI Bank Ltd. and ECGC Ltd.; and not more than 12 directors nominated by the Central Government.
Hence both statements are correct.
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Consider the following statements regarding Export-Import Bank of India (EXIM Bank): It is thepremier export finance institutionof the country wholly owned by the Government of India. It extends Lines of Credit (LOCs)to overseas financial institutions to enable buyers in those countries to import goods and services from India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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Consider the following statements regarding Export-Import Bank of India (EXIM Bank): It is thepremier export finance institutionof the country wholly owned by the Government of India. It extends Lines of Credit (LOCs)to overseas financial institutions to enable buyers in those countries to import goods and services from India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Export-Import Bank of India (EXIM Bank): It is thepremier export finance institutionof the country wholly owned by the Government of India. It extends Lines of Credit (LOCs)to overseas financial institutions to enable buyers in those countries to import goods and services from India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Export-Import Bank of India (EXIM Bank): It is thepremier export finance institutionof the country wholly owned by the Government of India. It extends Lines of Credit (LOCs)to overseas financial institutions to enable buyers in those countries to import goods and services from India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
Consider the following statements regarding Export-Import Bank of India (EXIM Bank): It is thepremier export finance institutionof the country wholly owned by the Government of India. It extends Lines of Credit (LOCs)to overseas financial institutions to enable buyers in those countries to import goods and services from India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Export-Import Bank of India (EXIM Bank): It is thepremier export finance institutionof the country wholly owned by the Government of India. It extends Lines of Credit (LOCs)to overseas financial institutions to enable buyers in those countries to import goods and services from India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Export-Import Bank of India (EXIM Bank): It is thepremier export finance institutionof the country wholly owned by the Government of India. It extends Lines of Credit (LOCs)to overseas financial institutions to enable buyers in those countries to import goods and services from India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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