MUMBAI: Exim Bank today said it has received Rs 650 crore in capital infusion so far this fiscal from government and expects to get a similar sum in second half.
“This year, we will get Rs 1,300 crore. Out of that, we have already received Rs 650 crore about 10 days ago. The rest of the amount will be received in the second half,” Exim Bank Chairman and Managing Director Yaduvendra Mathur told reporters.
He was speaking on the sidelines of a roundtable meeting with SelectUSA to promote Indian investment in the US before Prime Minister Narendra Modi’s visit to America beginning later this week.
SelectUSA is a US government programme created in 2011 to highlight the many advantages that the US offers as a place for business and investment.
Last year, the government had injected Rs 700 crore into Exim Bank.
The Rs 1,300 crore being received this year is part of the total capital infusion of Rs 11,200 crore, which the government has earmarked for public sector banks this year.
“The Exim Bank plans to raise around Rs 44,000 crore by selling overseas and domestic bonds this year. Last fiscal also the bank had raised around Rs 44,000 crore,” Mathur said.
Meanwhile, speaking at the event, SelectUSA Executive Director Vinai Thummalapally called for higher investments in the USA by domestic corporates. Thummalapally, who is the first Indian-American to become a US envoy, hails from Andhra Pradesh.
He said that India is one of the fastest growing sources of foreign direct investment in the US, which grew at a CAGR of 29.3 per cent between 2009 and 2013.
Thummalapally said Prime Minister Modi’s forthcoming visit to the US would improve bilateral trade.