The Export Credit Guarantee Corporation of India Ltd (ECGC) today settled its largest-ever single claim in the Gujarat region by paying out Rs 11.20 crore towards a claim received under its 'Whole Turnover Packing Credit Guarantee Scheme'.
The amount was paid vide a cheque to State Bank of Saurashtra (SBS). H P Mistry deputy general manager, SBS received the cheque from P H Desai, the new regional manager (western region), ECGC. Desai revealed that ECGC has received Rs 219 crore towards premium under guarantee during the current year, against which claim paid has been to the tune of Rs 105 crore.
Similarly, premium earned under policies was around Rs 97 crore and claims paid amount to Rs 30 crore.
In the Gujarat region, the premium earned under policies and guarantees were Rs 398.11 lakh and Rs 921.22 lakh respectively, while claims paid under policies and guarantees were Rs 212.27 lakh and Rs 284.11 lakh, respectively.
As long as banks strictly adhere to the terms and conditions of sanction letters issued to their clients and observe the terms and conditions of ECGC guarantees, there is hardly any scope for the corporation to reject any claim, the regional manager emphasised.
