The Export Credit Guarantee Corporation of India Ltd (ECGC) was established in 1957 as the Export Risks Insurance Corporation to provide export credit and insurance support to Indian exporters. It was transformed into ECGC in 1964. ECGC is wholly owned by the Government of India and functions under the Ministry of Commerce. ECGC provides insurance against commercial and political risks to exporters for exports on credit, and guarantees to banks against losses from loans to exporters. It issues standard policies for short-term exports and specific policies for deferred payment exports, services, and construction projects abroad. ECGC aims to protect exporters from credit risks of non-repayment and banks from losses due to non-repayment of loans by exporters