New Delhi: The government on Wednesday gave its ex-post-facto approval to 800 crore capital infusion made in the Export Import Bank of India (EXIM Bank).
The capital infusion was made to support the future growth plans of the bank.
"The Union Cabinet chaired by Prime Minister Narendra Modi, today gave its ex-post-facto approval to the capital infusion made in the Export Import Bank of India (EXIM Bank) of Rs 800 crore, as approved in the demands for grants and consented to by the Finance Minister to support the future growth of the Bank," an official statement said.
The EXIM Bank set up as a statutory corporation in 1982 under the Export Import Bank of India Act, 1981 provides financial assistance to exporters and importers, and functions as principal financial institution for coordinating the working of institutions, engaged in financing export and import of goods and services.
This was with a view to promote the country's international trade and matters connected therewith or incidental thereto.
