Exim Bank ties up with Bank of Maharashtra

By Our Staff Correspondent

MUMBAI, FEB. 28. The Export-Import Bank of India (Exim Bank) and Bank of Maharashtra have announced a tie-up for co-financing exports and export-oriented companies as also provide value added services to promote globalisation process among small and medium- sized externally oriented companies. The two banks signed an MoU here today to signal this joint initiative.

Under the MoU, the institutions have agreed to jointly provide export credits and loans to exporter customers consistent with their respective operational policies and procedures. They will offer information and advisory services to assist corporate clients in creating and enhancing international presence through exports, technology and investment tie-ups. The two banks will also co-operate in promotional activities including exchange of information relating to business and investment opportunities and organising seminars/workshops and exchange of faculty.

Speaking on the occasion, Mr. Y. B. Desai, Managing Director, Exim Bank, said that this MoU heralds a new initiative in partnership with commercial banks and is a precursor to similar and deeper tie-ups with banks in future. He added that the bank has in place a global network through its overseas offices supplemented by institutional linkages with multilateral institutions, export credit agencies, foreign banks, trade and investment promotion agencies in more than 25 countries. He said that this new mutually beneficial partnership will help increase Exim Bank's reach within the country, through Bank of Maharashtra's all-India branch network, for the benefit of Indian exporters.

Exim Bank has developed a range of promotional programmes under which the bank provides grant finance and soft loans for product development, international product and process quality certification. These are specialised financing programmes and Bank of Maharashtra and Exim Bank will jointly provide finance under these programmes to the customers of Bank of Maharashtra.

As regards exports that require medium and long term credit, in cases where Bank of Maharashtra is the sponsoring bank for exporter customers, both the institutions will jointly finance exports of goods, services, turnkey and construction projects and Exim Bank will consider Bank of Maharashtra exclusively for the purpose of co-financing such export contracts and handling banking transactions. Bank of Maharashtra's clients will also be provided preferential access to Exim Bank's information and advisory services.

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Section  : Business
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