Exim Bank of India (Export-Import Bank of India) has made a bold move aimed at fostering international trade and financial services. The bank has set its sights on Gujarat’s GIFT City with the establishment of its subsidiary Exim Finserve.

The Exim Bank itself made the above announcement on Tuesday, 8th of August 2023, by India’s Union Finance Minister, Nirmala Sitharaman, in the Union Budget 2023. With this, the Department of Financial Services secretary also added that establishing the subsidiary will improve access to finances for MSMEs.

Harsha Bangari, the Managing Director of Exim Bank, conveyed his belief in the competence of Exim Finserve to effectively utilize the harmonized and simplified factoring services framework for Micro, Small, and Medium Enterprises (MSME) exporters. This framework will enable MSMEs to efficiently access finance against their receivables, which will help boost their working capital and facilitate their growth.

The Managing Director's positive outlook on Exim Finserve's capabilities reflects his confidence in the company's ability to provide reliable and beneficial financial services to MSMEs.

The subsidiary will provide exporters with a powerpack combination of three important services: coverage of non-payment risk, management of accounts receivable and receivables financing.

The Exim Finserve is said to extend the trade finance ranges for Indian exporters. Keeping the export factor as their optimal focus, the financial institute would lead to improved cash flow and reduced payment risks for exporters, enabling them to explore new markets and seize growth opportunities.

Read more at https://www.resmanagement.in/exim-bank-to-establish-exim-finserve-at-gift-city

For more blogs, Visit at https://www.resmanagement.in/blog