This has paved the way for its introduction in Parliament. “The increase in the authorized capital will enable the bank to take higher export credit exposures and enable it to borrow funds to disburse under export line of credit,” a government release said after the cabinet meeting.
The bill also seeks to empower the Central government to further increase the authorised capital of the Exim Bank without any more legislative changes.
By appointing two whole time directors, the management structure of the bank would be strengthened, it said. Exim Bank was set up as a corporation in 1982 under the Export Import Bank of India Act, 1981 for providing financial assistance to exporters and importers.
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