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The EXIM full form is Export-Import Bank of India. The government of India established the EXIM bank in 1982 under the Export-Import Bank of India Act (1981). The goal of EXIM is to support, enable, and promote international trade in India. EXIM serves as the main financial institution of the nation to coordinate the operations of organisations that finance exports and imports. The government of India owns the entire stock of Exim Bank.
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What are the Objectives of EXIM?
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The following are the objectives of EXIM:
- EXIM ensures the projected exports and imports
- It also promotes and makes it easier for international, technical and merchant banking
- Another objective is to increase the buyer credit and LOC length, as well as the financial rivalry of exporters
- EXIM works to enlighten the exporters in India about their potential in various fields and areas of export in a timely manner
- It investigates the financial issues in India and offers solutions
- It also plans to increase and encourage foreign trade in our nation of India
- EXIM offers guidance on matters related to currency for manufacturers and producers in India to carry out imports and exports in India
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What are the Functions of EXIM?
The following are the functions of EXIM:
- The bank offers term-based loans in Rupees and other currencies to export-oriented enterprises in India for the construction of new production facilities
- It allows the enterprises in the expansion, renovation, upgrading the existing facilities and purchasing of production machinery or technology
- Bank also has a specific emphasis on extending Lines of Credit (LOCs) to various international organisations, governments at all levels and commercial banks in the region
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