Government approves Rs.800 crore capital infusion in EXIM Bank

New Delhi: The government on Wednesday approved capital infusion amounting to Rs.800 crore in the Export Import Bank of India (EXIM) in an effort to better promote the country's international trade.

The approval was given by the union cabinet which met here.

According to the cabinet, the funds were approved under the "Demands for Grants" to support the future growth of the bank.

The statutory corporation was set up in 1982 to provide financial assistance to exporters and importers.

Furthermore, it functions as principal financial institution for coordination between institutions which are engaged in financing export and import of goods and services.