India's Government Auditor criticizes ECA ECGC for inadequate controls

(Business Standard, New Delhi, 5 December 2012) Government auditor CAG today pulled up Export Credit Guarantee Corporation for not having proper arrangements with banks to finance exporters resulting in a loss of about Rs 310 crore (US$56.6 million) during the period between 2008-09 and 2010-11. Export Credit Guarantee Corporation of India Ltd (ECGC), which comes under the administrative control of the Commerce Ministry, provides export credit insurance cover to exporters and banks.