EXIM Full Form
What is the full form of EXIM?
The Export-Import Bank of India is EXIM's abbreviation. Under the Export Import Bank of India Act (1981), Govt. of India established the Export-Import Bank of India (Exim Bank) in 1982 with the goal of supporting, enabling, and promoting India's international trade. It serves as the nation's main financial institution for coordinating the operations of organisations that finance exports and imports. The Indian government owns the entire stock of Exim Bank.
The Bank offers term loans in Indian rupees or other foreign currencies to export-oriented Indian enterprises for the construction of new production facilities, the expansion, renovation, or upgrading of existing facilities, and the purchase of production machinery or technology. The Bank has a specific emphasis on extending Lines of Credit (LOCs) to international organisations, governments at all levels, and commercial banks in the region.
Objectives of EXIM banks
The EXIM Bank's responsibilities and objectives are as follows:
To ensure the projected exports or imports
To promote and make it easier for international, technical, and merchant banking services to be exported, as well as those of their joint partnerships
To increase buyer credit and LOC length, as well as exporters' financial rivalry
To enlighten Indian exporters about their potential in various export fields and areas in a timely and relevant manner
To offer guidance on currency-related matters so that manufacturers, producers, or India can carry out exports and imports at a reasonable cost
To investigate the financial issues in India and offer solutions
To increase and encourage foreign trade in our nation of India