Government approves signing important agreement under BRICS Interbank Cooperation mechanism

TNPSC Current Affairs - September 2017 by TNPSC Guru 

Union Cabinet has given its nod for signing Interbank Local Currency credit Line Agreement and Cooperation Memorandum Relating to Credit Ratings by Exim Bank with the BRICS nation’s banks.

Benefits:

• The Agreement will further deepen political and economic relations with BRICS nations within the area of Mutual interest.
• It helps to place EXIM Bank in the International platform along with other large development finance institutions like CDS,VEB and BNDES.
• It also helps EXIM Bank to enter into bilateral agreement with any of member institution of BRICS to raise resources for its business

About EXIM bank

EXIM (Export and Import Bank) Bank of India is financial institution which provides financial assistance to exporters and importers that facilitates and promotes India’s Foreign trade, it was set up in 1982