The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its ex-post-facto approval to the capital infusion made in the Export Import Bank of India (EXIM Bank) of ₹ 800 crore, as approved in the Demands for Grants and consented to by the Finance Minister to support the future growth of the Bank.

Background:

The EXIM Bank was set up as a statutory Corporation in 1982 under the Export Import Bank of India Act, 1981 for providing financial assistance to exporters and importers, and for functioning as principal financial institution for coordinating the working of institutions, engaged in financing export and import of goods and services. This was with a view to promote the country's international trade and matters connected therewith or incidental thereto.

Ex-post-facto approval of capital infusion secures government ratification for Export Import Bank of India funding to support growth. The Union Cabinet granted ex-post-facto approval for a government capital infusion into the Export Import Bank of India, ratifying funding authorised in the Demands for Grants and consented to by the Finance Minister to support the Bank's future growth; EXIM Bank is a statutory corporation under the Export Import Bank of India Act, 1981, tasked with providing financial assistance to exporters and importers and coordinating export-import finance.