EXIM Finserv has been launched by EXIM Bank in GIFT City, Gujarat. This company will provide finance related services to the exporters.
This will benefit MSMEs engaged in exports and their access to finance will be easier. Exim Finserv is a subsidiary of Exim Bank and its launch was announced by Finance Minister Nirmala Sitharaman in Budget 2023.
EXIM Bank has launched a subsidiary named EXIM Finserve in GIFT City . Exim Finserv will provide a range of services to Indian exports.
The full form of Exim Bank is Export and Import Bank . This bank has been specifically created to provide export related services to exporters.
What is EXIM Finserve?
Under EXIM Finserve , Exim Bank will provide three types of services to exporters in GIFT City, which include receivables financing, payment risk coverage and accounts receivable management services.
In a press release issued by the bank, it was said that Exim Finserv or India Exim Finserv IFSC Private Limited is an extension of the services offered by the bank to Indian exporters. Due to this, the cash flow of the exporters will be good and the risk of payment will also be less. This will enable them to confidently explore new markets and explore new growth opportunities for themselves.
The statement further said that the launch of such services would especially benefit MSME exports, as the basis here would be the quality account receivable and not some collateral.
Finance Minister had announced in the budget
This subsidiary of Exim Bank was announced by Finance Minister Nirmala Sitharaman in the Union Budget 2023 on behalf of Exim Bank. With this move of the government, it is believed that it will be easier for MSMEs to access financing.
On the launch of EXIM Finserve , International Financial Services Centers Authority (IFSCA) Chairman K Rajaraman said that EXIM Finserve is the first finance company from GIFT City in the area of export factoring.
