Export Credit Guarantee Corporation of India Ltd. (ECGC) signed its 26th Corporate Agency Agreement with Lakshmi Vilas Bank Ltd., today at the Bank’s Head Quarters at Karur, Tamilnadu. The agreement envisages marketing of export credit insurance products of ECGC through the Bank’s network of branches. The agreement was signed by Shri V S Reddy Managing Director & CEO, LVB and Shri A V Muralidharan, Chairman and Managing Director of ECGC.

Speaking on the occasion, Shri A V Muralidharan, CMD of ECGC informed that ECGC is the 5th largest credit insurer of the world in terms of coverage of national exports. ECGC is recognized as a specialized institution by Insurance Regulatory Development Authority operating exclusively in the field of credit insurance. ECGC is widening its marketing channels through Bank assurance and brokers channels. It operates through five regional offices and 51 branch offices all over India to service exporters and banks.

ECGC is striving to strengthen relationships and improve its delivery service to its customers. For the benefit of the exporters and banks, ECGC has been issuing customized specific covers also referred as tailor made policies. Besides credit Insurance, It also offers Factoring services to exporters in association with commercial banks. ECGC will be shortly starting its services in the domestic credit insurance sector also whereby exporters can insure their domestic receivables and banks can protect their working capital finance granted against such receivables under separate covers proposed to be introduced. The modalities are being worked out

Shri V S Reddy, Managing Director & CEO of the Lakshmi Vilas Bank Ltd., said that the Corporate Agency agreement with ECGC is one more step taken by the Bank for the benefit of customers. The tie up with ECGC would be beneficial for the exporter customers who would get insurance protection against payment risks under various types of ECGC policies at the bank branches itself. This arrangement will result in customer convenience and debt protection.

To facilitate all the financial services under one roof and to augment the reach of insurance cover to customers, the bank has tied up for a bank assurance pact with AVIVA Life Insurance for marketing life insurance products, Bajaj Allianz General Insurance Co. Ltd for General Insurance distribution business and arrangements for distributing the mutual fund products of various reputed AMCs. The bank offers Western Union Money transfer facility through a pact with M/s Weizmann Forex Ltd, Mr Reddy added.

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