(a) whether the Government have taken a decision to allow banks to act as agents for the Export Credit Guarantee Corporation of India Ltd.;
(b) if so, the details thereof;
(c) whether the ECGC has also decided to open ten new branches;
(d) if so, the details thereof; and
(e) the extent to which the Corporation had reduced the list of countries offered restricted cover?
THE MINISTER OF STATE IN THE MINISTRY OF COMMERCE AND INDUSTRY (SHRI S.B. MOOKHERJEE)
(a) & (b) Insurance Regulatory and Development Authority (IRDA), set up under an act of Parliament to regulate the Insurance Industry, has permitted the banks to become Corporate Agent for one life and one non-life insurance company under the regulations issued on 16th October, 2002. Export Credit Guarantee Corporation of India Ltd. (ECGC) which is registered with the IRDA as a non-life insurer, has signed the first Corporate Agency agreement with Corporation Bank on 4.8.2003 for marketing its insurance products for exporters.
(c) & (d) ECGC has decided to open satellite branch offices in centers like Chandigarh, Jodhpur, Rajkot, Noida, Vishakapatnam, Mangalore, Guntur, Vijayawada, Aligarh, Tuticorin and Karur during this financial year. The branches in Rajkot, Jodhpur, Chandigarh, Noida and Vishkapatnam are being opened by October, 2003 and the rest are expected to be opened by March, 2004.
(e) ECGC has brought down the number of countries under restricted cover to 33 from 54.