Which financial institution plays the lead role in supporting India’s export and import activities?
Show answer & explanation
Correct answer: B
Explanation
Correct Answer:-
EXIM Bank
Explanation:-
The Export-Import Bank of India, commonly known as EXIM Bank, is the leading financial institution supporting India's export and import activities. It was established by the Government of India in 1982 with the objective of providing financial assistance to exporters and importers, facilitating their operations, and promoting international trade.
Key Points:-
The primary function of EXIM Bank is to provide credit to exporters, promote foreign trade, and provide financial assistance to Indian companies for executing projects abroad.
The bank is wholly owned by the Government of India.
NABARD focuses primarily on agriculture and rural development, while SIDBI focuses on small-scale industries (MSMEs).
Important Questions and Answers:
Question: Where is the headquarters of EXIM Bank located?
Answer: Mumbai.
Question: Under which act was EXIM Bank established?
Answer: The Export-Import Bank of India Act, 1981.