The Hindu Business Line : ECGC, Andhra Bank in marketing pact

Mr T.S. Narayanasami, Chairman & Managing Director, Andhra Bank (right), and Mr S. Prabhakaran, Executive Director, Export Credit Guarantee Corporation of India Ltd, at a press conference in Mumbai on Friday. — Shashi Ashiwal

Mumbai , July 2

EXPORT Credit Guarantee Corporation of India Ltd (ECGC) and Andhra Bank signed a corporate agency agreement for marketing of ECGC's export credit insurance products through the network of the bank's branches, here on Friday.

With this, exporters can avail themselves of ECGC's products through 42 branches of Andhra Bank to start with, said Mr T.S. Narayanasami, Chairman and Managing Director, Andhra Bank.

The arrangement will enable the bank and ECGC to reach the exporters in remote places, for not only export credit facilities but also offering them protection against the non-receipt of valuable foreign exchange.

Speaking to presspersons on the sidelines of a conference, Mr Narayanasami said, that of the total outstanding farm loans of Rs 16,000 crore in Andhra Pradesh, loans worth Rs 2,300 crore have been identified for reschedulement.

Andhra Bank is the convener of the State Level Bankers Committee in Andhra Pradesh. The SLBC is working out means by which the package of the recent measures announced for the farm sector, can be implemented at the earliest.

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