Export Credit Guarantee Corporation of India

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➢GA Syllabus
➢Last Year GA Question Asked
➢Eligibility
➢Number of Vacancies
➢Important Dates
➢Exam Pattern
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➢ Last Year Exam was on 14th March 2021

▪ Most of the Current Affairs Question: December and

January

▪ But few Questions : Till June 2020

Important Dates
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Number of Vacancies
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Age
Educational Qualification
Exam Pattern
Exam Pattern
Exam Pattern
GA Question Asked in ECGC PO Exam
GA Question Asked in ECGC PO Exam
 Code Aditya for additional 5% (Maximum) Discount on Oliveboard

➢ Last Year Exam was on 14th March 2021

▪ Most of the Current Affairs Question: December and

January

▪ But few Questions : Till June 2020

 Code Aditya for additional 5% (Maximum) Discount on Oliveboard
➢ ECGC PO GA Syllabus

▪ Current Affairs of the last six months Special focus to Banking Finance and
Business
▪ Current news: schemes of ECGC
▪ History of ECGC
▪ Budget 2022
▪ RBI and Monetary Policy
▪ Banking Basic and Current Updates in Banking Industry

➢ Superlatives: India and World

➢ Indian Geography Important Points
➢ Important : Article, Schedules and Topics of Indian Constitution
➢ Important Committees in News
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Discount on ECGC Courses
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Question: ECGC Ltd., was established on which date to strengthen the export promotion by
covering the risk of exporting on credit ?
a) 1 July 1955
b) 1 January 1949
c) 30 July 1957
d) 25 February 1952
e) 1 September 1956
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Question: ECGC Ltd., was established on which date to strengthen the export promotion by
covering the risk of exporting on credit ?
a) 1 July 1955
b) 1 January 1949
c) 30 July 1957
d) 25 February 1952
e) 1 September 1956

▪ Founded: 30 July 1957

▪ Chairman: M. Senthilnathan
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Question: ECGC Ltd. functions under the administrative control of which of the following
Ministry ?
a) Ministry of Finance
b) Ministry of External Affairs
c) Ministry of Commerce & Industry
d) Ministry of Home Affairs
e) Ministry of Corporate Affairs
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Question: ECGC Ltd. functions under the administrative control of which of the following
Ministry ?
a) Ministry of Finance
b) Ministry of External Affairs
c) Ministry of Commerce & Industry
d) Ministry of Home Affairs
e) Ministry of Corporate Affairs

➢ It is under the ownership of Ministry of Commerce and Industry, Government of

India based in Mumbai, Maharashtra.
▪ The ECGC Limited (Formerly Export Credit Guarantee Corporation of
India Ltd) is a company wholly owned by the Government of
India based in Mumbai, Maharashtra

▪ It provides export credit insurance support to Indian exporters and is

controlled by the Ministry of Commerce. Government of India had
initially set up Export Risks Insurance Corporation (ERIC) in July 1957.

▪ It was transformed into Export Credit and Guarantee Corporation

Limited (ECGC) in 1964 and to Export Credit Guarantee Corporation of
India in 1983.

▪ Founded: 30 July 1957

▪ Chairman: M. Senthilnathan
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Question. Government of India has approved a capital infusion of _________ to ECGC Ltd for a
period of five years, i.e. from FY 2021-2022 to FY 2025- 2026.
a) Rs. 2,400 crore
b) Rs. 3,400 crore
c) Rs. 4,400 crore
d) Rs. 5,400 crore
e) Rs. 6,400 crore
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Question. Government of India has approved a capital infusion of _________ to ECGC Ltd for a
period of five years, i.e. from FY 2021-2022 to FY 2025- 2026.
a) Rs. 2,400 crore
b) Rs. 3,400 crore
c) Rs. 4,400 crore
d) Rs. 5,400 crore
e) Rs. 6,400 crore
▪ ECGC Limited is a wholly-owned CPSE of the Government of India.
▪ Government has also approved the Initial Public Offer (IPO) on the Stock Exchange of
ECGC Ltd.
▪ ECGC Ltd. is the seventh largest credit insurer of the world in terms of coverage of
national exports. The present paid-up capital of the company is ₹3,190 crores and
authorised capital ₹5,000 crores.
▪ M. Senthilnathan, ITS; (Chairman & MD)
▪ Headquarters: Mumbai
▪ Founded: 30 July 1957
▪ ECGC Limited

▪ Shri Ratilal M Gandhi was the First Chairman and Shri T C Kapur was
the First Managing Director of the Corporation.

▪ Shri Morarji Desai, Union Commerce Minister inaugurated ERIC and the
first Policy was issued on 14th October 1957.

▪ Export Credit Guarantee Corporation of India Ltd. in the year 1983.

Subsequently in August 2014, it was renamed as ECGC Ltd.
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Question: What does ECGC do?

▪ Provides a range of credit risk insurance covers to exporters against loss in

export of goods and services
▪ Offers Export Credit Insurance covers to banks and financial institutions to
enable exporters to obtain better facilities from them
▪ Provides Overseas Investment Insurance to Indian companies investing in joint
ventures abroad in the form of equity or loan
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Question: How does ECGC help exporters?

➢ ECGC Offers insurance protection to exporters against payment risks.

▪ Provides guidance in export-related activities.
▪ Makes available information on different countries with it’s own credit ratings.
▪ Makes it easy to obtain export finance from banks/financial institutions.
▪ Assists exporters in recovering bad debts.
▪ Provides information on credit-worthiness of overseas buyers.
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Need for export credit insurance
Payments for exports are open to risks even at the best of times.
▪ The risks have assumed large proportions today due to the far-reaching political
and economic changes that are sweeping the world. An outbreak of war or civil
war may block or delay payment for goods exported. A coup or an insurrection
may also bring about the same result.
▪ Economic difficulties or balance of payment problems may lead a country to
impose restrictions on either import of certain goods or on transfer of payments
for goods imported. In addition, the exporters have to face commercial risks of
insolvency or protracted default of buyers. The commercial risks of a foreign
buyer going bankrupt or losing his capacity to pay are aggravated due to the
political and economic uncertainties.
▪ Export credit insurance is designed to protect exporters from the consequences
of the payment risks, both political and commercial, and to enable them to
expand their overseas business without fear of loss
▪ ECGC Limited : News

• ECGC Limited (ECGC) and Etihad Credit Insurance (ECI), the UAE Federal
export credit company, signed a Memorandum of Understanding on
21.12.2020. The MoU was signed by Mr. M Senthilnathan, CMD, ECGC,
and Mr. Massimo Falcioni, CEO, ECI in a meeting held through a virtual
platform.
• The MoU aims to enhance mutual cooperation and facilitate business
opportunities by stimulating trade and investment between India and
UAE.
▪ ECGC Limited : News

▪ Mr. Sunil Joshi, Executive Director, has been elected as the Vice Chair of
the ST Committee in the Berne Union. He has been elected to the post
for a period of two years starting from October 2020.
▪ The International Union of Credit and Investment Insurers (Berne
Union) is an international not-for-profit trade association, representing
the global export credit and investment insurance industry.
▪ ECGC Limited : News

• Mr. M Senthilnathan, CMD, has been appointed as a Director on the

Board of Directors of the African Trade Insurance Agency (ATI). The
Republic of India, represented by ECGC, holds class ‘B’ shares (non-
African nation member state) in the ATI.

• ATI, headquartered in Kenya, is a pan-African multilateral agency and

is registered with the United Nations.
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Question: The things or property insured is called ________ of the insurance

a) Subject matter
b) Insurable interest
c) Policy
d) Cover note
e) Claimed property
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Question: The things or property insured is called ________ of the insurance

a) Subject matter
b) Insurable interest
c) Policy
d) Cover note
e) Claimed property
▪ Classification of Insurance:
• Life Insurance: It is a form of investment offering savings, It is
an insurance contract, which covers the life-risk of the person
insured. It’s a long term contract. Insurable amount is paid
either on the occurrence of the event, or on maturity.

➢ Examples: Term Assurance, Whole Life, Endowment

Assurance , Family Income Policy, Life Annuity, Joint Life
Assurance Etc.
▪ Classification of Insurance:
➢ General Insurance:

• It is meant insurance other than life insurance. In popular

terms a dialect it is famous as non-life insurance.

• Non-Life insurance products include property or casualty,

health insurance or house, fire, marine insurance etc.

• Loss is reimbursed, or liability will be repaid on the occurrence

of uncertain event.
Question. Which of the following principles of Insurance denotes a
positive duty of the person seeking insurance to voluntarily disclose all
facts material to the risk being proposed whether requested or not?

a) Insurable Interest
b) Utmost Good Faith
c) Principle of Contribution
d) Principle of loss Minimization
e) Principle of Partnership
Question. Which of the following principles of Insurance denotes a
positive duty of the person seeking insurance to voluntarily disclose all
facts material to the risk being proposed whether requested or not?

a) Insurable Interest
b) Utmost Good Faith
c) Principle of Contribution
d) Principle of loss Minimization
e) Principle of Partnership
 Principles of Insurance

The basic principles which govern the insurance are:

1. Utmost good faith

2. Insurable interest
3. Indemnity
4. Contribution
5. Subrogation
6. Causa Proxima
7. Mitigation of loss
1. Principal of Utmost Good Faith:

• Each party must reveal all material information to the other

party whether such information is asked or not.

• There should not be any fraud, non-disclosure or

misrepresentation of material facts.

• This principle is applicable to life, fire and marine insurance.

2. Principle of Insurable Interest

• Insured must have the insurable interest on the subject matter

• Insurance interest is that interest, when the policy holders get benefited by
the existence of the subject matter and loss if there is death or damage to
the subject matter.
• In case of life insurance spouse and dependents have insurable interest in
the life of a person.
• Corporations also have insurable interests in the life of it's employees
Question. Which of the following principles of Insurance
assures about the financial interest that the assured possesses in
whatever is being insured?

a) Insurable Interest
b) Principle of loss Minimization
c) Principle of Contribution
d) Utmost Good Faith
e) Principle of Indemnity
Question. Which of the following principles of Insurance
assures about the financial interest that the assured possesses in
whatever is being insured?

a) Insurable Interest
b) Principle of loss Minimization
c) Principle of Contribution
d) Utmost Good Faith
e) Principle of Indemnity
3. Principle of Indemnity

• Indemnity is considered to be a contractual agreement between two

parties where insurer agrees to pay for potential losses or damages
caused by insured

• Indemnity principle is a rule of insurance law which says an

insurance policy should not confer a benefit greater in value than
the loss suffered by the insured.
4. Contribution:

• The insurers must share the burden of payment in proportion to the

amount insured by each

• If one of the insurers pays the whole loss, he is entitled to contribution

from other insurers.

• The principle of contribution is a corollary to the doctrine of indemnity. It

applies to any insurance which is a contract of indemnity. So, it does not
apply to life insurance.
5. Subrogation:

• According to it, after the insured is compensated for the loss caused by the
damage to the property insured by him, the right of ownership to such
property passes to the insurer after settling the claims of the insured in
respect of the covered loss.
• It applies to fire and marine insurance.
6. Causa Proxima:

• Causa Proxima, means proximate cause or cause which, in a natural and

unbroken series of events, is responsible for a loss or damage

• The insurer is liable for loss only when such a loss is proximately caused by
the peril insured against

• The cause should be the proximate cause and cannot the remote cause

• If the risk insured is the remote cause of the loss, then the insurer is not
bound to pay compensation.
7. Mitigation of loss:

• An insured must take all reasonable care to reduce the loss.

We must act as if the property was not insured.
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