In July 2024, the Export Credit Guarantee Corporation of India (ECGC) announced the expansion of 90% insurance cover for exporters with a credit limit of ₹___________. 

Correct option is B

The correct answer is: (b) ₹50 crore

• In July 2023, the Export Credit Guarantee Corporation of India (ECGC) announced the expansion of its Export Credit Insurance for Banks (ECIB) scheme.Under this scheme, exporters with credit limits up to ₹50 crore are eligible for 90% insurance cover.This move aimed to support approximately 3,000 exporter-borrower accounts and was expected to benefit exporters by reducing interest rates on loans.

• The enhanced cover is part of ECGC's efforts to provide greater financial security to exporters, thereby encouraging them to explore new markets and expand their businesses.

• Previous Coverage:Before this expansion, the ECGC provided 90% insurance cover only for exporters with credit limits up to ₹20 crore.

• Implementation:The expanded coverage came into effect on July 1, 2023.

• Eligible Banks:The scheme was extended to several banks, including the State Bank of India, Central Bank of India, Bank of Maharashtra, and Saraswat Bank.