Importance of EXIM BANK in the Development of Indian Economy in Present Scenario
Abstract
Role of Banking Industry in the participation of economic development is seriously viewed since independence. Banking Industries with their vast resources of funds maintain a key role in the economic activity. Government of India from time to time introduces some establishment to meet the growing need of a particular sector Economic Activities comprises various activities and one of the most important of those is foreign trade. It was observed by the government that Commercial Banks in spite of their vast resources of funds were unable to do justice with ever increasing need of the foreign trade. As foreign trade was the yardstick to contain or maintain a Balanced Budget, the need arises to have an organization which promotes foreign trade by financing it. As the Commercial Banks were mainly involved in social banking, hence to promote and augment foreign trade Govt. of India set up an Act of Parliament in Sept. 1987 by setting up a Bank known as Exim Bank.
Authors
Ekta Singh