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Karur-based exporters' claims settled

Staff Reporter

Rs.97 lakh given to affected parties

KARUR: The Export Credit Guarantee Corporation (ECGC) of India Limited, Karur branch, has settled claims worth Rs.97 lakh of two Karur-based exporters, who were affected on account of overseas buyers' default in making payment for the goods exported.

The Regional Manager, ECGC, Chennai, V. Dharmarajan, handed over the claim cheques one worth Rs.83.97 lakh and another for Rs. 13.03 lakh to the two exporters in the presence of the Chairman, Handloom Exporters Promotion Council, M. Sivakannan, at a function here on Thursday.

The ECGC in Karur, a Government of India enterprise, functioning since December 2004, caters to the credit insurance needs of the exporting community and the banking sector covering Karur, Namakkal and Erode districts, Mr. Dharmarajan said.

The Manager, M.A. Mohanan Nair, said that the Karur ECGC covered export business worth Rs.646.96 crore under various policy covers being extended to exporter clients between April and December last.

As against the premium income of Rs.4.03 crore, the Karur ECGC branch has settled claims worth Rs.3.59 crore during the current financial year to exporters and bankers under policy and guarantee covers extended to them, according to the Branch Manager, P.C. Ramaprasad.

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