Export-Import Bank of India

S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 -2 4
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Contents

About Exim Bank 2

About the Report 5

Managing Director’s Statement 6

8
Stakeholder Engagement
& Materiality Assessment

Managing Environmental Impact 12

28
Inclusive Growth and
Socio-Economic Development

38
Diversity and
Employee Wellbeing

42
Responsible Conduct
and Governance

GHG Inventory Report 53

GRI Content Index 65

INDIA EXIM BANK

About Exim Bank

At A Glance
The Export-Import Bank of India As a policy bank, the Bank has information dissemination through
(Exim Bank) was established as a been instrumental in facilitating the seminars, webinars and the Exim
corporation under the Export-Import development partnerships of the Mitra portal.
Bank of India Act, 1981 and is wholly Government of India, by extending
owned by the Government of India. finance to partner countries to meet Recognising that economic growth
For over four decades, Exim Bank their development priorities and must go hand in hand with social
has played a crucial role in financing, create a positive socio-economic and environmental responsibility, the
facilitating and promoting India’s impact in projects across an array of Bank is committed to sustainability
international trade and investment. diverse sectors, while concomitantly as a principle across its operations.
The Bank has emerged as a trusted creating large opportunities for The Bank’s focus is two-fold - it
partner in the globalisation efforts of Indian companies in high value- “finances the green” by providing
Indian companies, providing a broad added and technology-intensive support to companies and projects
range of support at all stages of the sectors. in green sectors, while actively
business cycle. The Bank’s financial “greening the finance” through
offerings are tailored to the varied Stakeholders of the Bank benefit the integration of Environmental,
requirements of Indian exporters, from a wide array of value- Social and Governance (ESG) risk
including import of technology, added services provided by assessments into credit appraisals.
development of export products, the Bank, including research, This dual approach ensures
manufacturing, marketing, shipment marketing assistance, capacity responsible and environmentally
and international investment for building workshops and training conscious financing.
market access and value chain for grassroots enterprises and
linkages, among others.

Vision Mission
Globalisation of Indian To Facilitate Indian Trade
Businesses and Empowering and Investment and Support
Growth of Partner Countries Partner Countries’ Development
Priorities as a Financially,
Socially and Environmentally
Responsible Institution

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S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Global Footprint
The Bank’s Head Office is
located in Mumbai. The Bank
has domestic regional offices
in Ahmedabad, Bangalore,
Chandigarh, Chennai, Guwahati,
Hyderabad, Kolkata, Lucknow,
Mumbai, New Delhi and Pune.
The Bank has overseas representative
offices in Abidjan, Dhaka, Dubai,
Johannesburg, Nairobi, Singapore,
Washington D.C. and Yangon as well
as an overseas branch in London.

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INDIA EXIM BANK

What We Offer
The Bank has played an instrumental role in providing medium to long term support to exporters, thereby enabling
sophistication of India’s export basket. The Bank’s lending activities can be classified into export credit, mainly
for financing project exports and finance for export capability creation. The Bank also provides non-fund-based
facilities to Indian companies in connection with their business operations, including advance payment guarantees
and performance guarantees required for the execution of project export contracts and guarantees for overseas
borrowings in connection with such contracts, letters of credit, standby letters of credit and risk participation
agreements with other banks.

Bank’s Outstanding Loan Assets

As on 31 March, 2022 As on 31 March, 2023 As on 31 March, 2024
Description D billion % of Total D billion % of Total D billion % of Total
Export Credit (A) 942.01 80% 1037.55 77% 1103.15 70%
Finance for Export Capability 234.18 20% 307.68 23% 472.87 30%
Creation (B)
Total Funded (A+B) 1176.19 100% 1345.23 100% 1576.02 100%
Non-Funded 152.47 170.00 153.46

Medium-term Business aspirations. The Bank’s strategy in the lifecycle of the Lines of Credit
Strategy focuses on maintaining leadership in programme, leveraging digitalisation
financing project exports, increasing for new product offerings,
The Bank has undertaken a focus on support for Micro, Small strengthening ESG commitment,
comprehensive review of its and Medium Enterprises (MSMEs), and expanding presence in India and
operations and developed a forward- contributing towards development of other geographies.
looking roadmap based on the India’s promising sectors with export
country’s evolving priorities and potential, deepening the Bank’s role

Promoting flagship programmes Sector focused lending, Supporting foray in Bolstering support to
like Buyer’s Credit, Overseas with emphasis on big bet non-traditional markets MSMEs through existing
Investment Finance & Term sectors for exports and deepening market programmes, as well as new
Loans for export-oriented units, presence in existing initiatives
and introducing new facilitation markets
programmes

Faster project identification, Building ESG lending

improved monitoring and portfolio and enabling
greater role in impact exporters to become ESG
assessment under India’s compliant
development partnerships

Continued focus on project Enhancing digital

exports to support market capabilities and offerings
diversification and promote to consumers
new, budding project exporters

Medium-term
Business Strategy

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 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

About the Report

This Sustainability Report provides an overview of the Bank’s sustainability

strategy, policies, initiatives and performance.
The Bank voluntarily published its towards a more sustainable future, this assessment, the material topics
inaugural Sustainability Report for both domestically and globally. for the Bank have been prioritised.
FY 2022-23, giving an overview of The Report provides information on
the Bank’s commitment and progress the impact and effect which the Bank
on ESG considerations. Continuing Reporting Guidelines, Scope has on the economic, environmental,
with the initiative, the Sustainability and Boundary social and governance fronts and is
Report for FY 2023-24 on the theme material to all the key stakeholders.
The key performance indicators and
‘Connect, Compete, Change for The GRI Content Index has been
Sustainable Development’, outlines disclosures discussed in this report
provided in the Report, which specifies
the Bank’s progress in mitigating are in accordance with the Global
the GRI Standards and disclosures
ESG risks, managing environmental Reporting Initiative (GRI) Standards
made under them in the Report.
and social externalities, ensuring 2021. The report covers the activities
The content of this report has been
robust governance, and promoting and progress of the Bank on a
reviewed and approved by the Board
sustainable development. standalone basis. The report covers
of Directors of the Bank.
information pertaining to the period
The Report emphasises the Bank’s from 1st April 2023 to 31st March 2024.
efforts towards Connecting Indian The scope and boundary of the report Restatement
businesses, even those located in pertain to the Bank’s domestic and
the remotest part of the country, international operations. In the reporting year, there were no
to traditional as well as untapped restatements of information provided
markets; enabling Indian businesses To review the material topics for the in the Sustainability Report.
to Compete effectively in a global Bank, a fresh Materiality Assessment
market increasingly characterised was undertaken by the Bank in FY There have been no significant
by ESG-related non-tariff barriers; 2023-24 as per guidance provided changes to the Bank’s organisation
and driving meaningful Changes in the GRI Standards 2021. Based on or supply chain during the year.

5
INDIA EXIM BANK

Managing Director’s Statement

The coming years hold the

promise of a transformative
shift towards a sustainable
future that prioritises
resilience, environmental
stewardship and inclusive
growth. Exim Bank is
committed to being a driving
force in this revolution,
recognising that the future
depends on what we do today.

India is currently the fastest growing major economy in As an Export Credit Agency of India, wholly owned by
the world. The country stands at a pivotal moment in the Government of India, the Export-Import Bank of
its history, marked by a confluence of growth-enabling India (Exim Bank) has remained attuned to the evolving
reforms, demographic advantages, infrastructure priorities of the Indian economy and exporters. In line
development, technological advancements and global with the growing focus on sustainable and low-carbon
value chain linkages. This unprecedented growth growth trajectories, the Bank has been actively refining
opportunity is complemented by a slew of policy its policies, strengthening internal processes, focusing
initiatives, private sector investments and innovation for on sustainable financing and striving to integrate
an environmentally conscious, sustainable and inclusive sustainability into every aspect of its operations.
development model.
At Exim Bank, we are taking substantive steps
These policy initiatives are ensuring that India is on track towards transparency, accountability and stakeholder
to accomplish its Nationally Determined Contributions communication of sustainable practices by voluntarily
(NDC) or national plans to limit global warming to 1.5 publishing our Sustainability Report. This second
degrees Celsius. India has successfully reduced its Sustainability Report of the Bank has been prepared
emission intensity relative to GDP by 33 per cent between in accordance with the Global Reporting Initiative
2005 and 2019, thus achieving the initial NDC target for (GRI) standard for clear, comparable and credible
2030, 11 years ahead of the scheduled time. Additionally, communication to the stakeholders.
the country has achieved 40 per cent of electric installed
capacity through non fossil fuel sources, nine years ahead
of the target for 2030. To further accelerate climate
Supporting Decarbonisation and Sustainable
action, India revised its NDCs upwards in 2022 and is Growth
making remarkable progress towards these goals. India We are focusing on enhancing preparedness of Indian
is also mobilising international efforts for global climate companies in light of the growing climate-related non-
action through initiatives such as the International Solar tariff barriers in key export markets, such as the EU’s
Alliance, Coalition for Disaster Resilient Infrastructure, Carbon Border Adjustment Mechanism introduced in
Infrastructure for Resilient Island States, the Big Cat October 2023. Encouragingly, the private sector in India
Alliance, and the Global Biofuel Alliance. is embracing the transition to low-carbon pathways,

6
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

recognising the change as an opportunity for building Carbon Footprint

business resilience, driving competitive advantage, As part of its commitment to environmental sustainability,
optimising processes, expanding in sunrise segments the Bank has been measuring its carbon emissions and
and improving market access. To fuel this transition, taking steps to reduce its environmental footprint. To
in November 2023, the Bank introduced a dedicated maintain the highest standards of transparency and
Sustainable Finance Programme (SFP) to finance green, credibility, this year, the Bank engaged an external agency
transition, social and sustainability-linked investments to verify its emissions. This independent assessment and
of eligible Indian companies under its commercial verification reinforce the Bank’s dedication to reducing
its carbon footprint and contributing to a greener future.
credit business. The programme will create credible
sustainability incentives for the Bank’s borrower clients,
in green as well as hard-to-abate sectors. Pending the Nurturing and Empowering Communities
finalisation of the national taxonomy for green finance, Our sustainability commitment extends beyond
the Bank has defined an internal taxonomy for financing environmental considerations to encompass social
responsibility, community engagement and employee
under the SFP, aligned with the eligible activities identified
well-being as well. As part of the Corporate Social
by the Reserve Bank of India in its framework for green Responsibility initiatives, the Bank contributed to
deposits. enhancing access to education and essential nutrition
for students from underserved communities through its
An exemplary support extended by the Bank this year support to the Akshay Patra, an NGO providing mid-day
was for setting up a 200 MW of Round-The-Clock meals in government and government-aided schools. The
(RTC) renewable energy project, comprising onshore Bank supported the technical training of 200 women and
wind capacity of 350 MW in Maharashtra and solar facilitated their employment in non-conventional areas as
capacity of 260 MW in Rajasthan, which will support bike mechanics and electricians. The Bank has supported
the decarbonisation plans of one of the country’s largest plantation of 2,650 trees during the year. Majority of these
integrated zinc producers. Financing for the project has trees are fruit-bearing, providing livelihood opportunity
been awarded ‘The Project Finance International (PFI) to farmers in remote areas.
Award’, as well as the ‘Decarbonisation Deal of the Year’ at The Bank is also creating a positive social impact through
the Asset Triple A Sustainable Infrastructure Awards 2024. its Grassroots Initiatives and Development programme.
In alignment with the Districts as Export Hubs initiative
The Bank continued to contribute to sustainable of the Government of India, the Bank has identified
development and decarbonisation in partner countries 64 districts for interventions, including five districts
as part of India’s development partnership programme. from the North-Eastern states of India. An example of
The Bank supported projects in areas such as renewable support extended for bolstering district-level export
energy, clean transportation, water supply and sanitation, capacities in FY 2023-24 was the establishment of a
pollution prevention, among others, thereby contributing cutting-edge 3D design studio in Khurja, Uttar Pradesh,
towards a more sustainable future. to modernise processes in the local ceramic industry. This
support benefitted 300 manufacturing units employing
15,000 workers. The Bank supported a farmer product
Resource-Raising company in Pune engaged in indirect export of flowers
With the growing interest in green, transition and for participation in an exhibition in Amsterdam, which
enabled the company to gain direct access to buyers.
sustainability-linked financing and the expanding pool
Beyond financing support, the Bank has been supporting
of such assets, the Bank is aligning its strategy to further capacity building of grassroots enterprises through skill
leverage the large and growing international ESG resources. development workshops and training programmes. As
In FY 2023-24, the Bank has issued two short-term on March 31, 2024, the Bank has provided over 139,000
sustainable bonds under the Bank’s ESG Framework person-days of training to artisans, farmers and weavers.
through private placements aggregating US$ 200 million.
Through this transaction, the Bank was able to further Way Ahead
diversify its investor base to Latin American markets. The coming years hold the promise of a transformative
During the year, the Bank issued its first Green Floating shift towards a sustainable future that prioritises resilience,
Rate Bond (US$ 150 million) in the private placement environmental stewardship and inclusive growth. Exim
format under the Bank’s ESG Framework. Bank is committed to being a driving force in this revolution,
recognising that the future depends on what we do today.
The Bank’s sustainability issuances have garnered Today, we stand firm in our dedication to financing the
international recognition. The Bank’s 10-year Sustainability transition to a sustainable future, by empowering Indian
Bond of US$ 1 billion was awarded the ‘Best Sustainability companies to become environmentally and socially
Bond’ at the prestigious ‘Asset Triple A Awards 2024 responsible global suppliers and partnering developing
- South Asia, India’. Further, the Bank received an countries in their pursuit of green and inclusive growth.
award recognising its sustainability issuances from the
Latin American Association of Development Financing
Institutions (ALIDE). These accolades underscore the
strength and credibility of our ESG framework and affirm Harsha Bangari
our leadership in sustainability issuances. Managing Director

7
INDIA EXIM BANK

Stakeholder Engagement &

Materiality Assessment
During the year, surveys of stakeholders and identified points of contacts for
the stakeholders were conducted to understand the material issues for each
category of stakeholders.

The Bank is firmly committed During FY 2023-24, the Bank’s

to conducting its business in an Sustainable Finance Committee,
environmentally and socially comprising members from various
responsible manner. The Bank verticals of the Bank, identified
recognises that sustainable Stakeholder Engagement a set of 22 material topics for
development is essential for the the Bank. The identification was
long-term growth and prosperity In the pursuit of supporting India’s based on discussions with internal
of the economy, society, and the export growth story, the Bank stakeholders, peer review and sector
environment. Accordingly, the Bank engages with a wide array of internal research. Compared to last year,
has integrated sustainability principles and external stakeholders on a eight additional material topics were
into its business policy, strategy and regular basis. This includes the Bank’s identified for the Bank. The material
operations, reflecting its recognition of employees, who are the driving force topics can be organised into three
the increasing salience of sustainability behind the Bank’s operations. It also broad themes of environmental
for its various stakeholders, including includes the Government of India, impact, social and community
customers, investors, employees, as the Bank being wholly owned impact, and governance. The
communities, government, regulators, by the Government of India, relies Sustainable Finance Committee
vendors and suppliers. upon the Government for capital prioritised the stakeholders of
support, and has a large policy the Bank based on their degree of
By aligning its operations with business that is carried out at the influence on the decision making and
sustainability objectives, the Bank behest of the Government of India. ESG management.
is striving to meet the expectations The regulators - the Reserve Bank
of its stakeholders, ensuring that of India (RBI) and the Securities and During the year, surveys of
it adopts environmentally friendly Exchange Board of India (SEBI), are stakeholders and identified points
practices, focuses on sustainable also important stakeholders, and of contact for the stakeholders
and transition finance, promotes the Bank keeps a close track of the were conducted to understand the
social inclusivity and fosters good evolving guidelines and discussion material issues for each category of
governance. papers by the regulators. Market stakeholders. Alongside, a survey
borrowings constitute majority of of the Bank’s management was
The Bank’s sustainability approach the lending resources of the Bank, undertaken to assess the importance
is complementary to its objective making investors an important of the material topics for the Bank’s
of promoting international trade category of stakeholders for the business. The data was analysed and
and globalisation efforts of Indian Bank as well. Other external calibrated for a visual representation
companies. Indian companies are stakeholders of the Bank include the as presented in Exhibit 1.
gearing up for changing demand borrower clients, the suppliers and
trends in light of the transition vendors, and the Corporate Social
of India and partner countries, Responsibility (CSR) partners and
individuals and supply chain partners grassroots organisations.
to lower carbon trajectories, and the
Bank is committed to support them
in this pursuit.

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 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Exhibit 1: ESG Materiality Matrix of Exim Bank

5

1
4.9 7
2 3 6
4.8 4 5

8
4.7
11
Impact on Stakeholders

9
10 12
4.6 13 14
15
4.5 16

4.4
17
20 18
19
21
4.3

22
4.2

4.1
3.5 3.7 3.9 4.1 4.3 4.5 4.7 4.9 5.1
Impact on Business

Note: Stakeholders were asked to rate the material topics on a scale of 1 to 5, and all the topics scored more than 3.8 on the scale,
highlighting the significance of all the topics for the Bank. Topics in the dark green area in the chart are the high priority areas for the
Bank, while the rest are medium priority.

1 Ethics and Integrity 8 Indirect Socio-Economic Impact 16 Natural Resource Management

on Communities
2 Social Impact and Community 17 Employee Health and Well-Being
Well-being 9 Reduction in the Bank’s Carbon
18 Transition Finance by the Bank
Footprint and Resource Efficiency
3 Data Privacy and IT Security to Help Companies Navigate
10 Training and Development of Climate-related Non-tariff
4 Focus on Projects with Positive
Employees Barriers to Trade
Environmental and Social
Impact by the Bank 11 Supporting MSMEs 19 Physical and Transition Risks
5 ESG Oversight, Governance 12 Customer Experience and 20 Value Chain Management
and Due Diligence in the Bank Satisfaction
21 Product Innovation for Green,
6 Risk Management 13 Building Knowledge Capital Transition and Sustainability-
linked Finance
7 Regulatory Compliance 14 Digitalisation
22 Product Innovation for Social
15 Diversity and Inclusion
Finance

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INDIA EXIM BANK

ESG Material Topics for the Bank

Environmental Impact from air travel and provided health, livelihood, women
estimates for emissions abated empowerment and sports, among
ESG Oversight, Governance and due to the plantation of trees by others, is empowering people and
Due Diligence: The Bank has a the Bank. driving positive change in their lives.
comprehensive Policy for Sustainable
Development/Responsible Financing Product Innovation for Green, At the behest of the Government
to address and mitigate ESG risks Transition and Sustainability-linked of India, the Bank extends Lines
in its lending operations. The Policy Finance: Recognising the growing of Credit to partner countries
provides a governance structure and demand for green, transition and for complex infrastructure and
risk assessment model that ensures sustainability-linked finance by Indian developmental projects in these
robust oversight over ESG matters. exporters, due to the increasing ESG countries. It is important for the
The Bank is also cognisant of the risks concerns in their supply chains, the Bank that the projects funded by
emanating from climate change, and Bank has introduced a ‘Sustainable it generate positive economic and
has included climate risk aspects in its Finance Programme’. This innovative social impact on communities in
ESG risk assessment model. Further, initiative expands the Bank’s capacity partner countries and there is no
the Bank has an ESG framework, to offer financing to a broader significant negative impact from
which outlines the Bank’s intent spectrum of companies for diverse its lending operations. Further, the
to enter into sustainable financing financing needs, thereby empowering Bank’s Grassroots Initiatives and
transactions to finance projects that these businesses in their transition Development (GRID) and Marketing
have a positive environmental and/ to low-carbon and sustainable Advisory Services (MAS) programmes
or social impact, while supporting pathways. address the needs of relatively
its business strategy. disadvantaged sections of society
Transition Finance to Help in India, while creating expanded
Responsible Financing - Focus on Companies Navigate Climate-related opportunities for traditional crafts
Projects with Positive Environmental Non-tariff Barriers: The demand persons and artisans, and rural
and Social Impact: The Bank is for transition financing is expected entrepreneurs in the country.
committed to practice responsible to increase with the rising climate-
lending and mobilise finance for related trade barriers and India’s Supporting MSMEs: The Bank
sustainable activities and sectors. own commitment to net-zero. The remains committed to bridge the
The Sustainable Finance Committee Bank is catering to this increasing financing gaps in the MSME sector
of the Bank implements the Bank’s requirement for transition finance and empower them for success
sustainability strategy and works through its Sustainable Finance in export markets. In its role as a
with the business units to minimise Programme. development finance institution,
negative and maximise the positive the Bank has launched several new
environmental and social impacts initiatives over the recent years to
from its lending operations. address the challenges faced by
MSMEs in accessing the export
Reduction in Carbon Footprint and markets. These initiatives include
Resource Efficiency: The Bank is Social and Community the Ubharte Sitaare Programme (USP)
committed to gradually reduce its Impact aimed at encouraging innovation
carbon footprint. An essential first and entrepreneurship; the Trade
step towards this is measurement Social Impact and Community Assistance Programme (TAP) which is
of the current carbon footprint and Wellbeing: CSR policy and ensuring that no export opportunity
identifying incremental steps for programmes aim towards creating for Indian companies, especially
reduction in the footprint. The Bank meaningful impact across MSMEs, is lost due to lack of trade
has been measuring its Scope 1 and communities and contributing finance; and subsidiary in GIFT City
Scope 2 emissions from FY 2022-23. towards the sustainable development for providing trade finance products
Additionally, in FY 2023-24, the Bank goals. The multi-dimensional including factoring, which presents a
has calculated the Scope 3 emissions interventions across education, viable receivables management and

10
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

financing mechanism suited to the providing the necessary tools and Regulatory Compliance: The Bank
needs of MSMEs. information for strategic business follows all regulatory guidelines
decisions by companies and MSMEs. prescribed by the regulators and
Workforce Wellness, Development tracks regulatory developments.
and Inclusion Initiatives: The Bank Customer Experience and Training and awareness sessions
has built a culture of growth, wellbeing Satisfaction: The Bank endeavours are arranged for relevant internal
and constant skill upgradation of to create a positive customer stakeholders to keep them abreast
its employees. Further, the Bank is experience. The Bank constantly of the regulatory developments.
committed to foster a diverse and develops new products and launches
inclusive workplace, with equal new initiatives for bridging any unmet Risk Management: The Bank has
demand of exporting companies. strong policies, frameworks,
opportunities for all its employees. The
systems and governance structures
Bank has a zero-tolerance approach
for effectively managing the risks.
to any form of discrimination.
There is focus on creation of a
Digitalisation Initiatives: The Bank is prudent risk culture in the Bank,
leveraging the rapid advancements based on a thorough assessment
in technology to digitise internal of the risk universe and continuous
Governance monitoring of the risk profile of the
processes, reduce paper usage, and
Bank, including sustainability and
effectively disseminate trade and Ethics and Integrity: The Bank is
ESG related risks.
finance related information. committed to the highest standards
of ethics and integrity across its Data Privacy and IT Security:
Building Knowledge Capital: The operations. It has established policies The Bank is investing in fostering
Bank is bridging the information and frameworks that help employees resilience and building strong IT
gaps through its research activities, adhere to highest professional security systems and policies. The
outreach events, and digital and ethical standards. Alongside, employees undergo regular training
platforms such as Exim Mitra. With there are regular interactions with on cyber security and the systems
this, the Bank is supporting informed employees to sensitise them about and procedure in place for effective
policy making in the country, as also ethics and integrity. response to cyber-attacks.

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INDIA EXIM BANK

MANAGING
ENVIRONMENTAL
IMPACT

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 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Managing Environmental Impact

The Bank is supporting Indian companies to embrace environmentally and

socially responsible practices, and transition to low-carbon trajectories.
Alongside, the Bank is committed to support the decarbonisation and
sustainable development agenda of partner countries.
There has been a steady increase decarbonisation agenda while is committed to reduce carbon
in environment-related notifications meetings its developmental goals emission in its own operations and
and measures by World Trade will be a fine balancing act. Against improve resource efficiency through
Organisation (WTO) member this background, the environment technological interventions.
countries. During 2013-2022, 15.6 related non-tariff barriers could have
per cent of all notifications submitted an impact on the globalisation efforts
by WTO members were environment of Indian companies.
related. The measures are expected
to gain further traction, with several In light of these developments, it is
imperative for Indian companies to
advanced economies announcing Reduction in Environmental
embrace environmentally and socially
measures for incentivising use of less Footprint and Resource
responsible practices, and transition
polluting technology in production Efficiency in Operations
to low-carbon trajectories. This would
processes beyond their borders. The
be essential to sustain exports in
European Commission, for example, The Bank endeavours to achieve
light of the rising climate-related
has begun the transitional phase low-carbon growth in its operations,
non-tariff barriers. It would also be
of the Carbon Border Adjustment in accordance with the Government
beneficial for Indian companies to
Mechanism (CBAM), under which of India’s net-zero commitment.
engage in such transition activities
European Union (EU) importers of Further, the Bank acknowledges the
to enhance their reputation, build
certain specified goods, such as customer loyalty and contribute to a significance of emissions disclosures
cement, fertilisers and metal products more sustainable future for all. proposed in the draft guidelines on
will have to report on the volume ‘Disclosure Framework on Climate-
of their imports and Greenhouse As part of its mandate to finance, related Financial Risks, 2024’
Gas (GHG) emissions embedded facilitate and promote exports from of the RBI.
during their production. After the the country, the Bank recognises
transitional phase, importers in EU the urgency of prioritising transition In this regard, the Bank is
will need to buy and surrender CBAM activities across businesses, both measuring its Scope 1 and Scope
certificates corresponding to the corporate and small enterprises 2 emissions. Measurement of the
GHGs embedded in the CBAM goods in India. The Bank is committed to GHG emissions is an essential step
imported by them. Indian exporters proactively support the green, low- towards progressively reducing the
will therefore need to embrace carbon transition and sustainable operational emissions of the Bank.
greener and more sustainable activities of existing and emerging
exporters. Towards this, the Bank
Greenhouse Gases
technologies to remain competitive
has raised resources specifically for
Inventory of Exim Bank
in the EU market. In the USA as
well, the Foreign Polluter Fee Act, financing environmentally and socially The Bank’s GHG inventory has been
introduced in Congress in November sustainable activities, and is actively established using the ‘operational
2023, would impose a fee on certain supporting sustainable projects in control approach’ and includes
carbon-intensive imports. India and partner countries. data for all its offices in India and
The Bank is integrating sustainability the Bank’s data centre. Measured
The climate-related measures would
into its core business operations. emissions are associated with direct
be challenging for India, which is a
The Bank has put in place internal Scope 1 emissions from owned
net importer of merchandise, but
policies and guidelines to safeguard cars and refrigerant leaks from air-
a net exporter of CO2 emissions
against the various ESG risks that conditioners; and indirect Scope 2
embodied in trade. India was the
could impact profitability and emissions from purchased electricity,
third largest net exporter in terms
sustainability. By FY 2026-27, diesel generator sets and Scope 3
of CO2 emissions embodied in trade
the Bank aims to increase the emissions from business related air
in 2021, after China and Russia.
lending under its newly introduced travel. Going forward, the Bank will
Being a developing country, with
Sustainable Financing Programme to continue to measure its emissions
large and growing energy demands,
10 per cent of the direct commercial intensity, and make efforts to reduce
India may not be able to immediately
loan book. Further, the Bank its operational emissions.
reduce its emissions. Further, India’s
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INDIA EXIM BANK

Exim Bank’s GHG Inventory [CO2e (Tonnes)]

1801.26 1768.19

308.92 328.32
1262.45

99.22

1315.54 1300.98
1014.58
Total Emissions
Scope 3
Scope 2
148.65 176.79 138.89 Scope 1
2021-22 2022-23 2023-24

Note:
1. See the GHG Inventory Report for details on the reporting boundary, operational boundary, identified source of emissions,
methodology, GHG emissions uncertainty and emission factors used for calculation.
2. The emission of PFCs and SF6 is assumed to be zero as there are no major sources for these emissions within the organisational
and operational boundary of the Bank.
3. Emissions in 2021-22 would be lower on account of travel restrictions and the COVID-19 pandemic induced Work-from-
Home facility provided by the Bank several times during the year, and the resultant reduction in emissions producing
activities in the office premises.
4. The Bank has realigned the scope categories for emissions occurring from DG sets to enhance alignment with the GHG protocol
of GHG inventory for the Bank. Emissions from Third-party/ leased DG sets are accounted under Scope 2 emissions category.

GHG Emissions Intensity for FY 2023-24 [CO2e (Tonnes)]

GHG Emissions per Employee GHG Emissions per Sq. Ft.

Scope 1 0.24 Scope 1 0.001

Scope 2 2.28 Scope 2 0.006

Scope 3 0.58 Scope 3 0.001

Total 3.1 Total 0.008

Measures for Reducing a sense of responsibility for nurturing public while mobilising them for
Carbon Footprint and a greener future. environmental conservation.
Improving Resource Efficiency Through GPS technology, integrated
The Bank has been engaging with with Google Earth and Maps, the
The Bank has undertaken several SankalpTaru Foundation, an IT- Foundation has devised geo-tagging
initiatives to reduce its environmental enabled NGO, engaged in planting of trees, thus providing visibility and
footprint and promote sustainable of trees. The Foundation is working on transparency to their stakeholders
practices. afforestation projects across various and contributors.
parts of India, including some of the
Plantation Drives: The Bank toughest terrains such as Thar Desert The Bank has collaborated with
recognises the importance of in Rajasthan, islands in Brahmaputra the Foundation for their Rural
environmental stewardship and is at Assam, cold desert in Ladakh, Livelihood Support Programme
dedicated to contributing to the well- Vidarbha region in Maharashtra and and Urban Plantation Programme.
being of the communities in which it coastal regions of West Bengal and Under the Rural Livelihood Support
operates. During the year, the Bank Tamil Nadu. The Foundation promotes Programme, the Bank has supported
conducted plantation drives at two of rural livelihood, empowers women and the plantation of 2,250 trees across
its residential premises in Mumbai, makes schools cleaner and greener. Arunachal Pradesh, Haryana,
where employees and their families Telangana, Uttarakhand, Gujarat and
participated. These community- The Foundation aims at reducing Maharashtra. As these are fruit bearing
focused environmental efforts foster the carbon footprint of the global trees rendering economic benefits,

14
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

farmers are encouraged to maintain

these trees. SankalpTaru monitors the
survival of the tree until its gestation
period. Under the Urban Plantation
Programme, the Bank has supported
plantation of 400 trees across the cities
of Bengaluru, Hyderabad, Chennai
and Mumbai. Through these tree
plantations, 81.9 tons of CO2 would
Trees Planted : 2,650 CO2 Offset Per Year : 81.9 Tons
be sequestered per year.

Energy related Initiatives: The office premises, in recognition of its Through these initiatives, the Bank is
Bank installed electric vehicles (EV) sustainable design and operations. promoting a culture of sustainability
charging stations at its residential and encouraging its employees and
premises at various locations in In an attempt to increase usage other stakeholders to be mindful of
Mumbai, as well as in the parking of clean energy, solar panels have their environmental impact.
area of its office building at Mumbai. been installed at residential premises
By offering these charging stations, owned by the Bank. The solar panels Water Conservation: To conserve
the Bank is promoting the adoption cater to the energy requirements water, the Bank has installed
of EVs among its employees. of the building complex and street sensor-based taps in its washrooms,
lighting, and reduce the reliance on which reduce water wastage by
The Bank has taken steps to improve non-renewable energy sources. automatically turning off when not
energy efficiency and reduce its in use.
energy consumption. The Bank Reducing Plastic Usage: Single-use
has procured energy-efficient plastic products are a significant Reducing Paper Consumption:
air-conditioning (AC) units with contributor to plastic waste and The Bank has digitised several
5-star ratings, replacing older units pollution, and pose a threat to processes, including automation
that were less efficient. In addition, the environment and wildlife. The of internal approval processes,
the Bank has replaced bulbs and Bank is taking steps to reduce the which is leading to reduced usage
tube lights in its office premises use of single-use plastic products. of paper. Besides reduced paper
with energy-efficient LED bulbs/ Plastic plants in the Bank’s office consumption, digitisation helps
tube lights, which consume less premises stand replaced with live streamline processes and makes them
electricity and last longer. These plants. Further, single-use cups more efficient. The automation of
measures are expected to lead to have been swapped with glassware. internal approval processes helped
lower energy consumption. The Bank The Bank has replaced packed in digital processing of nearly 54,000
was awarded with the Indian Green drinking water with refillable water requests, resulting in saving of
Building Council’s Green Interiors bottles, reducing plastic waste and more than 20,00,000 papers during
Platinum rating for its New Delhi promoting sustainable practices. FY 2023-24.

Estimated Saving of Paper due to Digital Processes

Tentative no. of
Total Request Average File Dynamic Static
Application Name Paper Pages
during FY 2024 Size Pages# Pages*
(1 MB=100 Pages)
Note Module 7,659 500 KB 38,295 3,44,655 3,82,950
Payment Module 9,179 700 KB 55,074 5,87,456 6,42,530
Business Process 2,600 1 MB 41,600 2,18,400 2,60,000
HRM Module 16,500 100 KB 49,500 1,15,500 1,65,000
Administrative
4,500 300 KB 15,000 1,20,000 1,35,000
Process Module
Legal Module 250 100 KB 2,500 0 2,500
Reports 5,000 300 KB 15,000 0 15,000
Miscellaneous 8,000 500 KB 50,000 3,50,000 4,00,000
Total 53,688 2,66,969 17,36,011 20,02,980
*Static pages are scanned copies. # Dynamic pages are system generated documents

15
INDIA EXIM BANK

Principles 2021 and Social Loan

Principles 2021, as administered ESG Framework for Social areas
by Loan Market Association (LMA),
Asia Pacific Loan Market Association Access to Essential
Commitment to Sustainable (APLMA), and Loan Syndications and Services and Basic
Trading Association (LSTA). The SPO Infrastructure
Finance
also states that the Bank is well-
ESG Framework positioned to address common Food Security and
environmental and social risks Sustainable Food
In December 2021, the Bank associated with projects. Systems
developed the Environmental, Social
and Governance Framework (ESG Green/ Social/ Sustainability
Framework) under which it intends to Bonds MSME
issue sustainability bonds and loans Financing
and use the proceeds to finance or The Bank has been enhancing its
refinance in whole or in part, existing commitment towards sustainable
or future projects that advance the finance in accordance with global
transition towards a sustainable best practices, by successfully Affordable
economy and provide social benefits issuing green and sustainable bonds Housing
in developing countries. The ESG aggregating US$ 1.4 billion under
Framework defines eligibility criteria the ESG Framework over the past
in six green categories (Renewable two years. During 2023-24, the Bank issued two
Energy, Sustainable Waste and Water short-term sustainable bonds under
In January 2023, the Bank had issued
Management, Pollution Prevention the Bank’s ESG Framework through
its maiden 10-year US$ 1 billion
and Control, Clean Transportation, private placements aggregating to
Sustainability Bond in the 144A/
Green Buildings, Energy Efficiency) US$ 200 million with an average
Reg-S format (maturing in January
and four social areas (Access maturity of 13 months. These
2033), under its ESG Framework.
to Essential Services and Basic sustainability issuances attracted a
This was the largest sustainability
Infrastructure, Food Security and first-time investor, ranking among the
bond issuance to be listed on India
Sustainable Food Systems, MSME largest financial institution in Latin
INX GSM Green platform, and the
Financing, Affordable Housing). America. Through this transaction,
first sustainability bond to be listed
The Framework has been reviewed the Bank was able to further diversify
on AFEX Green, Afrinex’s platform
by a Second Party Opinion (SPO) its investor base to Latin American
dedicated for social, green and
Provider – Sustainalytics. The SPO markets. During the year, the Bank
sustainable financing. This Bond
has confirmed that the Framework issued its first Green Floating
was also listed on London Stock
is ‘Credible and Impactful’ and Rate Bond (US$ 150 million) in the
Exchange’s Sustainable Bond Market
is aligned with the Sustainability private placement format under its
(SBM) Platform. The Bank, on January
Bond Guidelines 2021, Green Bond ESG Framework.
30, 2024, won the ‘Best Sustainability
Principles 2021, and Social Bond
Bond’ award at the prestigious ‘Asset Use of Proceeds
Principles 2021, as administered
Triple A Awards 2024 - South Asia,
by International Capital Market
India’ for this US$ 1 billion Senior The net proceeds of the
Association (ICMA), and Green Loan
Sustainability Notes issuance. Sustainability/ Green Bonds issued
will be used towards eligible projects
under the Bank’s ESG Framework
ESG Framework for that are aligned to select Green and
Green Categories Social categories in the Framework,
including renewable energy, clean
transportation, access to essential
Renewable Energy
services and basic infrastructure,
Energy Efficiency
affordable housing, and sustainable
water and wastewater management.

Sustainable Green Process for Monitoring and

Waste and Water Buildings Tracking of Proceeds
Management
The Bank’s Sustainable Finance
Pollution Clean Committee identified the eligible
Prevention Transportation projects under the framework, thus
and Control
ensuring that these projects not only
comply with the ‘Use of Proceeds’

16
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

as identified in the Framework and

the SPO, but also the environmental Key Pillars of Sustainable Finance Programme
and social guidelines under the
Green Bond Principles and Social
Bond Principles. Further, the Bank
received a post-issuance review
for its January 2023 (US$ 1 billion)
and March 2023 (US$ 98.5 million)
[2023 Sustainability Bonds], from
Sustainalytics in July 2023.

Post Issuance on Exim Bank’s

Sustainability Bonds
Green Transition Social Sustainability
The evaluation criteria for the projects Finance Finance Finance linked Finance
and assets funded with proceeds
from the 2023 Sustainability Bonds
was based on three aspects covering
projects and programmes:
be overemphasised. Estimates by the Bank has introduced a new
1. Met the Use of Proceeds and various institutions suggest that the lending programme in 2023, viz.
Eligibility Criteria outlined in the total green financing requirements by Sustainable Finance Programme (SFP)
Framework; India could at least be approximately to finance green, transition, social
5 per cent to 6 per cent of the and sustainability linked investments
2. Complied with the Project
annual GDP. A critical driver of the and expenditures of eligible
Evaluation and Selection and
decarbonisation and green transition borrowers.
the Management of Proceeds
would be the Indian businesses.
commitments outlined in the Green Finance
Embracing sustainability is not just
Framework; and
a choice but a necessity for these
3. Reported on allocation of businesses to stay competitive and Green finance encompasses a broad
proceeds category outlined in relevant in global markets. Against range of funding for environment-
the Framework. this backdrop, the financial sector oriented technologies, projects,
must play a pivotal role in supporting industries or businesses. Although
The post-issuance letter stated that the shift towards low-carbon and India’s green taxonomy is still a
‘based on the limited assurance sustainable growth trajectories. work in progress, notable strides
procedures conducted, there is have been made by financial sector
nothing that has come to the attention The Bank recognises the critical regulators such as the SEBI and the
of Sustainalytics’ that causes to role finance plays in enabling a RBI in promoting green finance. The
believe that, in all material respects, sustainable future. In its role as a Bank has aligned the classification of
the reviewed projects do not conform development finance institution, the projects as green with the guidelines
with the use of proceeds criteria Bank is committed to play a pivotal issued by the RBI. This ensures
and reporting commitments in the role in supporting and contributing consistency and transparency in
Framework. The Bank has disclosed to the sustainability efforts of Indian the Bank’s green finance initiatives.
that as of March 2023, of the total exporters, and in turn helping the Further, the Bank intends to adopt
US$ 1,098.50 million issuance of country achieve its international the official green taxonomy of the
the 2023 Sustainability Bonds, climate commitments. The Bank has country on publication of the same
proceeds of US$ 1,019 million were taken proactive steps by providing by the Government of India.
allocated and balance unallocated green and sustainable finance for
proceeds of US$ 79.5 million will be supporting the energy transition of Clean Energy
held in accordance with the Bank’s its clients and fostering sustainable
development. The Bank recognises Renewable energy projects, such
liquidity guidelines for short term as wind and solar power, offer
time deposits or investments or will that transition to a sustainable
economy presents significant significant potential for reducing
be used to repay debt, excluding any greenhouse gas emissions and
debt towards non-green activities. opportunity for innovation and
growth, and is therefore committed increasing energy security. Through
to channelise financing towards green its support to renewable energy
Sustainable Finance by the and low-carbon technologies and projects, the Bank is supporting
Bank sustainable infrastructure projects. this dual objective, and thereby
contributing to a more sustainable
The importance of sustainable Recognising the need for a focused future, where energy is cleaner, more
finance in the Indian context cannot approach to its sustainable financing, abundant and better accessible.

17
INDIA EXIM BANK

Financing Wind Power Projects for conditions. On account of these villages, the energy costs are three
Clean Energy Transition advantages, nuclear power can times higher than the capital city of
contribute towards decarbonising the Georgetown.
Wind power projects are important energy sector in India and reducing
not only for their direct contribution greenhouse gas emissions. The Bank Over recent years, efforts are being
to clean energy generation, but assisted a nuclear power generator made to expand access to electricity
also for their broader impact in India to finance its ongoing capital to rural and remote areas of Guyana.
on the economy, environment, expenditure. The Government of Guyana is
and society at large. By promoting particularly focusing on renewable
sustainable development and Guyana: 30,000 Solar PV based energy as a potential solution for
reducing environmental impacts, Home Energy Systems access to reliable electricity in the
wind power plays a crucial role outlying regions of the country.
Guyana’s tropical climate is
in building a more resilient and The Government of Guyana has
characterised by warm temperatures,
sustainable energy future. introduced initiatives such as the
high humidity, and distinct wet and
Hinterland Renewable Energy
The Bank has financed a greenfield dry seasons. Availability of electricity
Programme to support the energy
wind power project with a capacity of supply has been an area of concern
needs of households in hinterlands
198 MW. The power from the project for the country. Historically, the
that are not connected to the national
will be supplied to one of India’s top- country has faced challenges in
electricity grid.
rated State discoms, enabling it to providing reliable and consistent
reduce its reliance on conventional electricity access to all its citizens. The Bank is supporting the
sources of power. Such projects are Guyana has approximately 218 Government of Guyana’s efforts
contributing towards the target of hinterland communities with a total towards bridging the gaps in access
reduction by 45 per cent in India’s population of 98,500, which are to electricity in the hinterland
carbon intensity by 2030. off-grid. Most of those villages are communities of Guyana. The Bank
in remote areas that are difficult to has financed the supply of 30,000
Supporting Decarbonisation through reach by road, and in many cases solar PV based home energy systems
Nuclear Power Plants only accessible by boat.
covering 10 regions across Guyana,
Nuclear power is a clean source of Moreover, Guyana’s energy under a Line of Credit extended
energy as it produces nearly zero generation is almost completely to the Government of Guyana.
carbon dioxide or other greenhouse based on fossil fuels, coming from This support has provided a low
gas emissions. Nuclear energy does electricity plants that use heavy fuel cost, clean energy solution in rural
not produce air pollutants that are oil. The cost of electricity is also hinterland communities of Guyana. In
often associated with burning fossil among the highest in the region, these communities with small, widely
fuels for energy. Unlike many other which affect businesses’ operating dispersed population, the solar PV
renewable energy sources, nuclear performance and limits the country’s based home energy systems have
power is more reliable as it is not competitiveness in value-added proven to be an effective means of
dependent on factors like weather processing activities. In the off-grid providing electricity.

Support to reliable, low-carbon nuclear power generation for catering to India’s growing energy needs

18
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Clean Transportation
With the transportation sector
contributing to more than 16 per
cent of the overall global carbon
footprint, clean transportation will
be a critical driver for countries
to achieve their net zero emission
targets. Clean transportation refers
to modes of transportation that
produce lower or zero emissions
compared to traditional vehicles,
which rely on fossil fuels and emit
harmful pollutants into the air.

Supporting Battery Manufacturing

for Localisation of EV Value Chain

The Government of India has

launched a National Programme
on Advance Chemistry Cell Financed a 5 GWh greenfield project for ACC batteries to bolster domestic capacities in
(NPACC) Battery Storage with a EV value chain
view to establish 50-gigawatt hour
manufacturing capacity of Advance committed to support innovation enhanced safety due to their
Chemistry Cell (ACC) batteries by and capacity creation in this crucial inherent thermal and chemical
attracting investments aggregating segment of the value chain. Under its stability, minimising the risk of fire or
to ₹ 450 billion. The scheme aims to Ubharte Sitaare Programme, the Bank explosion, compared to conventional
strengthen the ecosystem for electric is supporting an advanced battery lithium-ion batteries. Additionally,
mobility and battery storage in the solutions provider, which is the sole these batteries are known for their
country. company in India equipped to deliver ultra-fast charging capabilities
commercial-grade lithium-ion cells, and extended durability, offering a
The Bank is committed to support the
to scale up its manufacturing facilities significantly higher number of charge
manufacturing of ACC batteries in the
for cell manufacturing. The Bank’s and discharge cycles compared to
country. The Bank financed setting
financing is enabling the company conventional lithium-ion batteries,
up of a 5 GWh greenfield project
to set up a Lithium Titanate Oxide translating to a longer battery
for manufacturing of ACC batteries
(LTO) cell manufacturing line of 50 lifespan for electric vehicles. The
for electric vehicles by an Indian
MWh capacity. company supported by the Bank has
electric two-wheeler manufacturer.
received certification from the Bureau
By supporting domestic production LTO cells are used for a wide range of Indian Standards, signifying that its
of critical ACC batteries, the Bank of clean energy and transportation LTO batteries comply with stringent
is empowering the manufacturer to applications. LTO batteries boast safety and performance standards.
achieve greater self-reliance and
reduce import dependence in the
EV value chain. The assistance will
be instrumental in localising one of
the most critical aspects of the EV
value chain.

Driving Innovation in Lithium-ion

Cells

Lithium-ion cells are powering the

transition to EVs globally. Presently,
India has a large import dependence
for these cells on countries such as
China. To foster resilience in the EV
value chain and keep up with the
growing demand, cell manufacturers
in India need to innovate and scale Enabling capacity creation in cell manufacturing through support to an advanced battery
up at a rapid pace. The Bank is solutions provider

19
INDIA EXIM BANK

disease; cardiovascular diseases

including stroke; and increases
the likelihood of pre-term births
by 18 per cent. The Government
of India has planned to minimise
the emission of the most dangerous
pollutants (PM2.5 & PM10) under the
National Clean Air Programme. The
Bank is supporting companies with
technologies targeted at reduction of
particulate matter emissions.

The Bank has supported a company

manufacturing emission control
devices, that can capture over 80
per cent of particulate matter being
emitted from diesel generators. It is
one of the only two Indian companies
Support for diversification of an auto-component manufacturer to EV segment manufacturing devices that have
been tested and approved by the
Central Pollution Control Board.
Enabling Diversification to EV human health and the natural The company has been recognised
Auto-components environment. The Bank, through its and awarded by the United Nations
gamut of products, is supporting Environment, Department of
EV auto components are crucial companies engaged in manufacturing
parts and systems that contribute Science and Technology (DST),
of innovative technologies and Government of India, Federation
to the functioning, efficiency and products to reduce emissions, recycle
safety of electric vehicles. As electric of Indian Chambers of Commerce
waste and treat pollutants. & Industry (FICCI), Indian Institute
vehicle technology continues to
evolve, advancements in component Reduction of Particulate Matter of Technology (IIT) Delhi, American
design, materials and manufacturing Emissions Society of Mechanical Engineers
processes would be key drivers to and multiple other national and
enhance the performance, efficiency Air pollution is a global health international institutions. The
and affordability of electric vehicles. hazard. Being the 4th leading cause company is also recognised as
of mortality, air pollution alone one of the top 200 corporations in
The Bank has financed setting up causes 3 million deaths per year. India by the Prime Minister’s Office
of a dedicated ‘state-of-the-art’ Air pollution is known to cause and NITI Aayog under the initiative
manufacturing line for production respiratory diseases, such as asthma ‘Champions of Change’.
of high-precision ring gears for EVs, and chronic obstructive pulmonary
by a high precision manufacturer for
the global automotive, aerospace,
hydraulics and speciality application
supply chains. The Bank’s support
will help the company to strategically
reposition its focus towards
manufacturing of parts specifically
designed for EV. This would allow
the company to tap the growing
opportunities in the EV value chain
and reduce the transition risk in its
own operations.

Pollution Prevention and

Control
Pollution prevention and control
refers to the practices and measures
taken to reduce or eliminate
the release of pollutants into the
environment, thereby protecting Support to a clean-tech innovator for manufacturing of high-efficiency emission control
devices for diesel generators

20
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Conserving Resources and Reducing

Environmental Impact through
Battery Recycling

The cumulative stock of lithium-ion

batteries in India is approximately
22 GWh. The growing focus on
clean energy and electrification is
expected to further push the demand
for batteries. Depending on the use
of the batteries, they typically last for
5-15 years and still contain more than
60 per cent of capacity after their
end of life, containing a significant
amount of critical battery materials.
These batteries that hit landfills can
pose a threat to human health and
the overall environment. It is also
complex and expensive to clean up Promoting circular economy in EV ecosystem through support to a company engaged in
lithium-ion cell recycling
the leaked chemicals. Moreover, as
batteries even at the end of their life manganese from Black Mass through Arecanut plant using community-
have more than 50 per cent of their its indigenous R&D and has also built a owned micro enterprises cluster
capacity, there is massive wastage in pilot project of processing black mass. model. The products manufactured
terms of raw materials. by the company are replacing
Biodegradable Dinnerware for polluting and carbon intensive
Against this backdrop, battery Sustainability disposable plates made of styrofoam/
recycling plays a critical role in
plastic. The company’s activities are
conserving natural resources, Use of biodegradable materials
leading to reduction of 1000 MT of
reducing environmental pollution, can contribute to sustainability as
CO2 emissions annually.
and promoting the sustainable it can alleviate the environmental
development of electric vehicle impact associated with disposal of The model adopted by the company
and energy storage industries. By oil-based polymers. In the area of has created dignified employment
recovering valuable materials from biodegradable materials, the Bank and entrepreneurial opportunities for
used batteries and reintegrating them has supported a social enterprise tribal women and youth in North-East
into the production cycle, recycling working in North-East India in the India, elevating their social status
helps mitigate the environmental field of environment sustainability and family income. The company
impacts of battery manufacturing and poverty alleviation. The company has generated employment for
and disposal. It creates a circular is engaged in manufacturing of high 3000 women and youth, leading
loop for critical battery materials, quality and eco-friendly disposable to sustainable livelihoods in rural
thereby ensuring resource efficiency. dinnerware from fallen sheath of North-East India.
To support this crucial segment of
the battery lifecycle, the Bank is
supporting a company engaged in
lithium-ion cell recycling. The Bank
supported the company by way of
both equity investment and debt.
The company collects end-of-life
lithium-ion cells from electronics
(laptops, mobile etc.), EVs and other
devices and recycles them. Using
their proprietary Net Zero Waste
and Zero Emissions process, the
company is able to recycle cells into
high-grade black mass with less than
1 per cent impurities. The black mass
contains materials like lithium, cobalt,
nickel, manganese, and graphite.
The company has established the
process of extraction of these valuable Empowering communities and promoting sustainability through support to a social enterprise
metals such as lithium, cobalt, nickel, engaged in manufacturing of biodegradable dinnerware

21
INDIA EXIM BANK

Sustainable Water and

Wastewater Management
Access to water and sanitation
facilities is one of the most basic
human needs for health and
wellbeing. As per data from the
United Nations, two billion people
live without safely managed drinking
water services, including 1.2 billion
people lacking even a basic level
of service, in 2020. Climate change
adds greater uncertainty to the
water availability and demand, and
exacerbates the challenge of water
security.

The last few years have witnessed

rapid industrialisation, especially in
developing economies. As a result,
the amount of contaminated water
generated at these facilities has risen Support to a developer of advanced membrane products, providing innovative solutions for
wastewater treatment and promoting circular economy in water management
significantly. This rising production of
harmful chemicals has underscored
the need for robust treatment company is addressing the challenge a wastewater recycle plant at the
measures. Moreover, growing of declining availability of clean water Mumbai International Airport, and
concerns regarding the adverse and promoting circular economy enabled a leading pharmaceutical
impact from the use of hard water principles in India and globally. The manufacturer to consistently get
coupled with increasing demand for company provided a solution to a high quality process water for its
water for household consumption petrochemical plant in Egypt that manufacturing facility.
across the globe are also driving the needed a flexible solution for a mix
of treated effluent and Nile River In another example, the Bank
demand for domestic water softening supported a leading water treatment
systems. water. It also enabled an automotive
parts manufacturing company in company in India for setting up a
Waste-water Treatment Solutions Italy to remove more than 95 per greenfield resin manufacturing plant,
cent of oil from their wastewater which will be one of the largest fully
Wastewater can be treated to satisfy for plant use. In India as well, the automated resin manufacturing
demand from different sectors, company provided solutions for facilities at a single location.
including industry and agriculture. It
can be processed in ways that support
the environment, and can even be
reused for drinking and household
usage. Wastewater treatment frees
scarce freshwater resources for other
uses or preservation. It is therefore
clearly an environmentally and
financially sustainable option.

The Bank has supported a leading

developer of advanced membrane
products that addresses the most
demanding water challenges.
The company is specialised in
providing solutions for processing
industrial water, desalinating
seawater, purifying potable water,
providing high purity water to power,
pharmaceuticals and semiconductor
sectors, treating wastewater, etc.
By providing access to effective
wastewater treatment solutions, the Boosting capacity of a leading water treatment company in India

22
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

energy costs and carbon footprints.

In addition to reducing energy costs
and carbon emissions, captive solar
power plants can help companies
meet their sustainability goals and
improve their reputation among
environmentally conscious customers
and stakeholders.

The Bank has financed setting up

of 200 MW of Round-The-Clock
(RTC) renewable energy project,
which will overcome the challenge
of intermittent supply associated
with solar and wind on account of the
variability in weather conditions. The
project will comprise onshore wind
Assisted an Indian company to execute critical wastewater treatment infrastructure for a
capacity of 350 MW in Maharashtra
major urban development project in Bahrain and solar capacity of 260 MW in
Rajasthan. The power generated
from the project will support the
Sewage Treatment company in low-carbon technology,
decarbonisation plans of one of
redesigning energy-intensive
Sewage treatment plants treat the country’s largest integrated
processes, optimising supply chains
wastewater from various sources, zinc producers by enabling the
to reduce carbon emissions in the
including domestic, commercial and company reduce its dependence on
entire value chain, etc. Compared
industrial activities. They remove conventional sources of energy. The
to the green finance, the spectrum
contaminants and pollutants from support will also help the company
of industries that transition finance
the wastewater before it is discharged to achieve its net zero target. The
can engage with is much wider,
back into the environment, typically project is cost effective as the green
including high carbon-emitting
into rivers, lakes or oceans. energy power purchase agreement
industries. Transition financing allows
has a tariff almost half of the price
companies to finance their journey of
The Bank assisted an Indian company the smelter has been paying for
shifting away from fossil fuels.
to execute a 40 MLD (Million Litres coal power. The financing for this
per Day) sewage treatment plant at Captive Hybrid Wind-Solar Power project was done by means of a loan
Al Madina Al Shamaliya, also known Plants for Decarbonisation syndication, for which the company
as “Northern City”, a significant and its lenders including the Bank,
urban development project in A captive solar power plant can be an have been awarded ‘The Project
Bahrain. Located near the border effective way for firms to reduce their Finance International (PFI) Award’.
with Jordan, it is part of the Bahrain
government’s efforts to promote
economic diversification and regional
development. The plant would serve
as a critical infrastructure component
for managing wastewater in the region.

Transition Finance
Green finance is typically focused
on supporting activities that involve
minimum pollution and carbon
emissions. However, a much larger
amount of financing is required in
carbon-intensive sectors that need
to decarbonise, and to eventually
achieve net zero emissions. This
has led to the emergence of the
concept of transition finance, which
is any form of financial support
that helps companies to lower their
GHG emissions. This could include Financed a Round-The-Clock renewable energy project, which will support decarbonisation
financing capital expenditure of the plans of one of India’s largest integrated zinc producers

23
INDIA EXIM BANK

another through the ship’s ballast

water system, thereby contributing to
improvement in marine environment.

Climate Finance

Climate finance encompasses a

wide range of financial mechanisms,
investments and incentives designed
to facilitate the transition to a low-
carbon, climate-resilient economy.
By aligning financial flows with
climate objectives, climate finance
contributes to global efforts to
address climate change and achieve
sustainable development goals.

The Bank is partnering with

international financial institutions and
other export credit agencies for co-
financing a project for production of
low-carbon nitrogenous fertilizer in
Nigeria, which is not readily available
in the market. The project will
support climate change abatement as
it will increase the productive use of
natural gas and reduce the upstream
gas flaring, which is still taking place
in the Niger delta. The integrated
ammonia urea process production
Reducing reliance on coal for a company engaged in mining and processing of metals through scheme, utilisation of best-in-class
support to a hybrid wind-solar power project technology and additional measures
to improve processing and energy
In another example, the Bank has emitters of CO2 on a global scale. supply efficiency will facilitate
financed setting up a hybrid wind- Sustainable practices in maritime production of urea with markedly
solar power project. The project will transportation are necessary to reduced carbon intensity. The carbon
provide 9.90 MW wind power and reduce these emissions and minimise intensity would be well within global
44.90 MW solar power to a company the industry’s environmental footprint, benchmarks, including the standards
engaged in mining and processing of thereby mitigating impact of climate set by the EU Emission Trading
metal business. The project will help change, protecting air quality and System, positioning the company
the company reduce dependency on preserving marine ecosystems. favourably in terms of environmental
coal-based power plants, thereby sustainability. Reduction in gas flaring
leading to lower coal usage. The Bank financed adoption of and other improvements as part of
latest technologies by an Indian the project are expected to reduce
Sustainability in Maritime shipping company on its ships to emissions at the petrochemical
Transportation improve environmental sustainability. complex by 32 per cent by 2026.
The company undertook various This project also aligns with Nigeria’s
The shipping industry is a significant
initiatives to improve sustainability pledge to eliminate routine gas flaring
contributor to global emissions,
in its operations. This includes by 2030 under the World Bank-
accounting for a substantial portion
fitting of Ballast Water Treatment led Global Gas Flaring Reduction
of the world’s GHG emissions and
Systems (BWTS) on existing vessels in Partnership.
air pollution. According to the
International Maritime Organization a phased manner in order to comply Nearly 80 per cent of the total
(IMO), the shipping industry is with the IMO regulations. Through project qualifies as climate finance
estimated to contribute approximately BWTS installations, the company in accordance with the International
2-3 per cent of global greenhouse has minimised the transfer of non- Finance Corporation (IFC)’s Definitions
gas emissions annually. This makes indigenous harmful aquatic organisms and Metrics for Climate-Related
it one of the largest single-sector and pathogens from one area to Activities.1

1
An activity that enables a reduction in energy or material use across a supply chain (upstream or downstream) through a shift to a less carbon-
intensive supply chain

24
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Social Financing
The Bank provides social finance
to drive positive change and
contribute to a more sustainable
and equitable society. By channelling
financial resources to activities and
innovations with social benefits, the
Bank is contributing to the efforts to
tackle pressing global challenges,
such as poverty alleviation, reduction
of inequality, and access to basic
services. Additionally, social finance
is nudging businesses to undertake
socially impactful endeavours,
enabling them to make meaningful
changes while achieving financial Support to a med-tech company manufacturing affordable and accessible solutions for
returns. visual health

Innovative Solutions for Preventable and education, reducing poverty and The Bank supported conversion of
Blindness malnutrition, and mitigating impact diesel pumps into electric pump
of climate change. sets and upgradation of electric
Preventable blindness is a challenge pumps in Savannakhet and Vientiane
for millions of people globally. Electric Pumps Revolutionising provinces under the Lines of Credit
The issue is further exacerbated due Agriculture in Lao PDR extended to Lao PDR. The project
to the poor ratio of ophthalmologists Agriculture plays a crucial role in created irrigation potential of about
to patients in many developing the economy of the Lao People’s 24000 hectares. Reliable electric
countries. In India alone, preventable pumps replaced diesel-powered
Democratic Republic (Lao PDR).
blindness costs US$ 27 billion ones, guaranteeing a consistent and
However, agriculture in the country
in lost productivity every year, while timely supply of water to agricultural
is predominantly in the nature
also affecting the lives and livelihood lands in Xayaboury, Vientiane, and
of subsistence farming, with
of people suffering from the Savannakhet. This translates to a
smallholder farmers cultivating rice,
ailment. greater capacity for food production,
maize, cassava and other staple
crops for their own consumption resulting in improved food security
The Bank is supporting a medical
and local markets. The sector in and potentially higher incomes for
technology company that endeavours
Lao PDR is facing several challenges local farmers. The shift to electric
to eradicate preventable blindness.
and constraints, including limited pumps has also lowered dependence
By developing and manufacturing
access to land and water resources on expensive and polluting diesel,
highly advanced telemedicine
enabled medical devices, the and reliance on traditional farming leading to cost savings and
company is enabling affordable and practices. environmental benefits.
accessible solutions for visual health.
One of the solutions developed by the
company is detection and diagnosis
of Retinopathy of Prematurity (ROP),
an eye disease which can happen
in premature babies and which if
undetected and untreated can lead to
irreversible eye disorders/blindness.
The low-cost device developed by
the company can enable specialists
to screen and treat the condition.
The company has truly emerged as
a Make-in-India success story in the
medical devices segment.

The Bank supports social projects in

partner developing countries under
its Lines of Credit programme.
These development projects are
providing access to better health
Support for replacement of diesel pumps with electric pumps in Lao PDR, leading to cost
savings for farmers and environmental benefits

25
INDIA EXIM BANK

Tanzania: Rehabilitation and with unpredictable water quality. The connectivity and data for improved
Improvement of Water Supply Scheme extension of Lake Victoria pipeline access to services. However, remote
to these regions has ensured reliable areas are often characterised by poor
Access to clean and safe water is a water supply and benefitted nearly service delivery and the inability to
critical issue in Tanzania, with many 1.2 million people living in the area. benefit from technological trends
communities facing challenges and business innovation. Against this
related to water supply, sanitation, Zimbabwe: Up-gradation of Deka backdrop, Low Earth Orbit (LEO)
and hygiene. Access to improved Pumping Station and River Water satellite networks are emerging as a
water sources varies significantly Intake System catalyst for bridging the divide.
between urban and rural areas
in Tanzania. While urban areas Water scarcity is a major concern in Low-latency, high-speed connectivity
generally have better access to piped Zimbabwe, particularly during the through space has the potential
water systems and other improved dry season when rainfall is limited. to better connect remote and
water sources, rural communities Droughts, erratic rainfall patterns inaccessible regions. It can be used
often rely on unprotected wells, and climate change exacerbate water for monitoring crop health, tracking
surface water sources or water shortages, affecting both urban and deforestation and reforestation,
vendors, which may be unsafe rural areas. improving emergency health
and unreliable. Many communities response services, and providing data
The Bank financed up-gradation of
lack access to safe drinking water for predictive analytics in disaster
the Deka Pumping Station and river
and adequate sanitation facilities, management.
water intake system under Lines of
leading to waterborne diseases,
Credit extended to the Government The Indian Space Research
such as diarrhea, cholera and
of Zimbabwe. The project will Organisation (ISRO) has positioned
typhoid. Improving water quality and
facilitate reliable raw water supply to itself as a provider of reliable and
sanitation infrastructure is essential
Zimbabwe National Water Authority, cost-effective space solutions,
for reducing waterborne illnesses
Hwange, which supplies treated including launch facilities for private
and improving public health.
water to Hwange community serving and foreign organisations. NewSpace
The Bank financed the project for about 40,000 people. The project India Limited (NSIL), the commercial
rehabilitation and improvement of will improve water supply, irrigation arm of ISRO, is the exclusive public-
a water supply scheme in Zanzibar, and socioeconomic development in sector aggregator for both demand
under the Lines of Credit extended the region. and supply of space assets/services
to the Government of Tanzania. The on a commercial basis, including
Leveraging Digital Communication
project will provide drinking water offering satellite-based applications
for Sustainable Development
facilities to a population of 640,000 on a commercial basis. The Bank has
by 2036 and 1.02 million by 2051. Digital technologies are ushering in a extended a Buyer’s Credit facility to
Access to safe drinking water will new era of sustainable development a UK-based global communication
foster socio-economic progress by transforming economies, creating satellite provider for a satellite
and enhance the quality of life for jobs and improving the lives of launching contract secured by NSIL.
communities in the region. even the most vulnerable and This would enable near real-time
remote populations. Basic services communication and data transfer,
Tanzania: Extension of Lake Victoria empowering farmers, industries,
that support socio-economic
Pipeline governments, and service providers
development like hospitals,
schools, energy infrastructure and to make faster, more informed
Spread over Uganda, Kenya and
agriculture, are now leveraging digital decisions.
Tanzania, Lake Victoria is the largest
tropical lake – and a part of the White
Nile River basin. The lake receives
four-fifths of its water from direct
rainfall, and the remaining one-fifth
from rivers and thousands of small
streams. The Bank financed the
extension of Lake Victoria pipeline
project, which included construction
of 280 km of transmission pipeline,
1200 km of distribution networks
and 29 water storage reservoirs of
various capacities located in Tabora,
Igunga and Nzega Towns in Tanzania.
Until recently, the major source of
drinking water in these regions was
dug wells, rivers, small dams, etc., Contributing to improved access to basic services in remote areas through support for a
satellite launching contract

26
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Sustainability Linked environmental targets in loans could and Ireland. The company provides
Finance create incentives for companies to bespoke containerised solutions that
cut emissions. Under SLF, a portion reduce customers’ energy costs and
Sustainability-Linked Finance (SLF) of the interest rate is often linked carbon emissions, while providing a
refers to financial products and to the borrower’s ability to meet continuous and reliable power supply.
instruments that are designed to sustainability targets. The Bank embedded a sustainable
incentivise and reward companies for finance target of yearly CO2 savings
achieving predefined sustainability The Bank has extended of 7500 tonnes by the company
targets or performance indicators. Sustainability-Linked Finance to a as a part of its sanction terms. By
Unlike traditional financing, power generation solution provider. embedding decarbonisation and
sustainability-linked finance is not The company is one of the leading social targets into the loan structures
tied to specific sustainable projects supplier, installer and maintenance of such companies, the Bank is
but instead focuses on the overall providers for Combined Heat and creating incentives for nudging
sustainability performance of the Power (CHP), gas engines and companies towards sustainable
borrowing entity. For instance, battery storage solutions in the UK growth pathways.

Support to a UK subsidiary of an Indian company for execution of energy conservation projects and projects facilitating clean energy storage
and integration of renewable energy to grid

27
INDIA EXIM BANK

INCLUSIVE
GROWTH AND
SOCIO-ECONOMIC
DEVELOPMENT

28
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Inclusive Growth and

Socio-Economic Development
MSMEs and grassroots enterprises are significant contributors to India’s
economic output, exports and employment. With a focus on tapping the latent
export potential of these enterprises and contributing to inclusive growth, the
Bank has launched several initiatives over recent years. The Bank’s multilayered
support encompassing financial assistance, marketing and branding support,
skill development, product and design sensitisation and creation of common
facility, is promoting grassroots initiatives and innovations. The initiatives are
contributing to poverty reduction, providing food security, ensuring healthy
lives, improving standards of living and empowering women.

Support to Micro, Small and therefore be important for MSMEs guidance needed to make informed
Medium Enterprises to have the necessary resources and export decisions.
opportunities to effectively leverage
The Government of India has set a the export opportunities. Startups and MSMEs are emerging
target of US$ 2 trillion of exports as the bedrock of innovation and
by 2030, with goods and services Over the recent years, the Bank has entrepreneurship in India. These
contributing US$ 1 trillion each. launched several new initiatives businesses have the potential to
Micro, Small and Medium Enterprises for bridging the financing gaps pioneer new technologies, implement
are expected to contribute to nearly for MSMEs. These initiatives are novel business models and create
60 per cent of this export target, building export capacities, bridging innovative products and services.
highlighting their crucial role in India’s trade finance gaps and empowering Recognising the need for nurturing
export growth trajectory. It would MSMEs with the knowledge and and empowering such enterprises,

Exim Bank’s Support to MSMEs

UBHARTE SITAARE GIFT CITY

PROGRAMME SUBSIDIARY

Supporting exports by companies Exim Finserve launched to offer

with distinct products, processes a range of trade finance products
and technologies through debt, including export factoring, a viable
equity and technical assistance receivables management and
financing mechanism for MSMEs

TRADE ASSISTANCE
PROGRAMME

Credit enhancement to trade

EXIM MITRA
instruments issued by overseas banks, Diverse range of information,
thereby supporting trade with markets advisory and support services
where trade lines are constrained and
transactions may not materialise in
absence of such support

29
INDIA EXIM BANK

the Government of India had boosting exports and generating Recognising the unique needs of
announced the Ubharte Sitaare employment opportunities. The these enterprises, the Bank provides
Programme in Union Budget 2020. initial support to MSMEs under multilayered support to the grassroot
The Programme, driven by Exim programmes such as USP and TAP enterprises, encompassing financial
Bank, is providing across-the-board enables them to achieve economies assistance, marketing and branding
support to MSMEs with differentiated of scales in their operations and support, skill development, product
products, processes and technology establish themselves as reliable and design sensitisation, and creation
with the potential to emerge as exporters. Gradually, the improved of common facility in clusters.
tomorrow’s export champions. track record of MSMEs enhances These interventions are promoting
their creditworthiness, enabling grassroots initiatives and innovations,
Further, the Bank is ensuring that enhanced credit flows from banks, particularly the ones with export
no viable export opportunity is lost non-banking financial companies potential, while supporting the
due to lack of funding on account and financial institutions to these preservation and revival of traditional
of perceived risks or market businesses. This virtuous cycle of heritage of Indian crafts. The across-
inefficiencies. In response to the support from the Bank leading to the-board support to grassroots is
widening trade finance gaps in the business growth and improved trust contributing to poverty reduction,
aftermath of the Covid-19 pandemic, and creditworthiness amplifies the providing food security, ensuring
the Bank introduced the Trade impact of the programmes. healthy lives, improving standards
Assistance Programme in 2022, under of living, and empowering women.
which it offers credit enhancement to
trade instruments, thereby enhancing Support for Common
the capacity of commercial banks Infrastructure Facilities
to support cross-border trade
transactions. Further, the Bank has Grassroots enterprises often lack the
set up its subsidiary in GIFT City, financial resources to invest in critical
India Exim Finserve IFSC Pvt. Ltd. infrastructure and technology, which
(Exim Finserve), to offer a range of
Empowering Grassroots can hinder their competitiveness and
trade finance products to exporters, Enterprises and Artisans growth. To that end, the Bank offers
with a focus on factoring. With the financial assistance, including soft
The Bank, through its Grassroots
launch of Exim Finserve, the Bank loans and grants for purchase of
Initiatives and Development
is now covering the entire canvas equipment, technology upgradation,
programme, supports enterprises
of trade with bank-intermediated common infrastructure facilities,
based largely out of rural areas
trade finance along with open procurement of raw materials, etc.
including micro and small enterprises,
account trade. With this expanded These interventions have empowered
as well as grassroots organisations/
scope, Exim Bank has emerged as numerous grassroots enterprises to
artisans primarily engaged in
a strong pillar of support for Indian compete effectively in the global
producing traditional handicraft
companies, particularly MSMEs, marketplace. More recently, the Bank
and handloom products. The GRID
as they navigate an increasingly has been supporting interventions
programme addresses the needs of
competitive and uncertain global at the district level, in alignment
the relatively disadvantaged sections
economic environment. with the ‘Districts as Export Hubs
of the society while creating expanded
opportunities for traditional (DEH)’ initiative of the Government
Apart from bridging the financing gaps, of India, to boost export capacity
the Bank is bridging the information craftpersons and artisans.
gaps in the export ecosystem.
The Bank’s trade facilitation and
information portal, ‘Exim Mitra’, is
an effective, single point of access
for a wide range of trade-related
information, handholding and support
services for Indian companies seeking
to tap the export markets. The Bank is
developing a new and improved Exim
Mitra 2.0 portal and mobile app.

The Bank’s support to MSMEs has

consistently increased over the past
few years. The Bank has supported
more than 600 MSMEs during
2023-24. This support is expected
to have a multiplier effect in
Setting up of a 3D design studio and associated training at Khurja, Uttar Pradesh
terms of fostering MSME growth,

30
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

creation. The Bank has identified 67 farmers in Sangli use excessive Limited, which is engaged in indirect
products for interventions across 62 fertilisers and pesticides, which exports of roses from Pune to
districts in 28 states/union territories. affects their access to European countries such as Japan, Singapore,
As part of this initiative, the Bank is markets which have stringent Australia, Sri Lanka, Netherlands,
supporting purchase of equipment, phytosanitary regulations. Moreover, Lebanon and the Philippines. The
technology upgradation, development farmers employ traditional Bank is supporting the company
of common infrastructure facilities, techniques for boiling turmeric, through a soil test lab which would
etc. to boost export capacity creation which leads to inconsistent quality allow accurate soil analysis for
at the district level. in the final product. Moreover, the optimal fertilizer usage and nutrient
traditional drying processes currently management. This is expected to
Modernising Processes in Traditional being employed by farmers exposes lead to improved yields, reduced
Industries the turmeric to rain, dust, insects and input costs and sustainable farming
During the year, the Bank supported stray animals, affecting the integrity practices, thereby improving the
Khurja Pottery Manufacturers’ of the produce. There is also limited export competitiveness of the roses.
Association in Khurja, Uttar Pradesh, value addition due to unavailability Further, the Bank is also providing
for setting up a cutting-edge 3D of pulveriser and other machineries. support for a refrigerated/cold
Design Studio. The ceramic industry Recognising the challenges, the van to enable efficient and safe
in Khurja relies heavily on traditional/ Bank is supporting the farmers for transportation of perishable flowers,
manual methods and techniques, acquisition of required machineries at and reducing the post-harvest loss.
which limits their ability to produce the CFC, including an instant testing Moreover, to position the Farmer
high-quality products that meet lab for testing curcumin level and Producer Company as a direct
the requirements of international pesticides residue, boiler machinery, exporter, the Bank also supported
markets. The lack of quality control turmeric dryer, pulveriser and other participation of two farmers in the
also affects the competitiveness related equipment. The Bank is also International Floriculture Trade
of these products in the global supporting training for the turmeric Fair 2023 in the Netherlands. This
market. To alleviate the issues, the farmers on Good Farming Practices, allowed the farmers to showcase
Bank supported the setting up of a Integrated Pest Management and the quality of their flowers to the
3D design studio, along with basic export opportunities. international audience, enabling
photography setup and solar panel potential collaborations with new
Empowering Indirect Exporters for buyers.
installations at the studio. The Bank
Direct Access to Export Markets
also organised skill development
workshops in collaboration with The Bank is supporting the Pawana
the National Institute of Design, Sanskruti Farmer Producer Company
Ahmedabad, for effective utilisation
of the facilities. The interventions
will yield direct benefits for 300
manufacturing units, collectively
employing approximately 15,000
workers.

Supporting Quality Improvements

for Leveraging GI

During the year, the Bank engaged

with the Sangli District Agro Farmer
Producer Company Limited for
acquisition of equipment and
machinery required to be set up at
the Common Facility Centre (CFC)
and organising training programmes
for the registered farmers. Turmeric
from Sangli and adjoining parts of the
district in Maharashtra have been
accorded Geographical Indication
(GI) tag in 2018. An essential step
to reap the benefits of the GI status
would be to improve the quality
standards of the products. Presently, Refrigerated Van for Rose Industry in Mawal, Pune

31
INDIA EXIM BANK

Boosting Agricultural Exports stems from limited remuneration of marketable products, in turn,
potential from local markets, improves the scope of income
The Bank continued its support to limited infrastructure at the cluster generation. It is noteworthy that
the Litchi Growers’ Association of level, and a lack of understanding artisans are provided loss of wage for
Bihar. Building on the interventions of demand trends. Recognising the the duration of the capacity building
undertaken by the Bank, in FY waning interest among younger workshop to ensure a continued
2023-24, the Bank approved generations in traditional sectors, the income for their households.
support towards another grant Bank’s grassroots interventions have
for procurement of a pre-cooling focused on this crucial group through Conserving Cultural Heritage
system and a refrigerated van, which training and skill development
is currently under implementation. During FY 2023-24, the Bank
workshops. supported a skill development
Litchi is a highly perishable fruit, and
with proper pre-cooling facility, the The Bank has provided over 139,000 programme for for 40 Bengal
shelf life of the fruit can be increased, person-days of training to artisans, Pattachitra artisans in Paschim
and spoilage and waste can be farmers and weavers, under the Medinipur, West Bengal, for a
reduced. This will help increase the GRID programme. These training duration of 20 days. The training
export of litchis and the growers’ programmes focus on product programme was conducted by
income. and design sensitisation, skill the Vidyasagar University with the
development and marketing, thereby purpose of training the artisans on
Training and Skill equipping the enterprises with the new designs, colour techniques and
Development confidence and expertise to navigate products, in line with the market
the complexities of the global demand. The training focused
Beyond financing support, the Bank on product diversification by
has been supporting capacity- market. The new innovative ideas
and prototypes / products designed incorporating new contemporary
building and bolstering marketing designs in patachitra on leather,
efforts of grassroots enterprises during the training workshops have
a wider appeal and acceptance in ceramic, terracotta and metal
through workshops and training artefact, to broaden the market
programmes. One of the challenges international markets. The training to
master craftsmen and semi-skilled reach. Artisans were also provided
facing the handicrafts and handloom training about pricing their artwork,
sector in India is that younger and skilled artisans also improves
their understanding about market packaging, branding and marketing
generations do not find it financially strategies to promote and sell their
viable to learn traditional crafts demands and importance of quality.
The new designs and development artworks.
anymore. The disenchantment

Bengal Pattachitra: Product and Design Sensitisation Workshop

32
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

training programmes, handholding

cum mentorship programmes for
a period of 6 months, and training
on operations of Juki machines
for creating value added products.
Further, to ensure optimal functioning
of the Juki machines, the Bank
supported an annual maintenance
contract for 20 machines. The
project is under implementation. The
training programmes will enable the
introduction of new and innovative
designs, improve productivity levels,
and lead to cost and time savings,
thereby contributing to growth in sales
and exports of lace products from
the district.

In another example, the Bank

has supported a 20-day skill
development training programme for
Skill Development Programme for Empowering Lace Artisans in the West Godavari district 50 Zari-Zardozi artisans in Bareilly,
Uttar Pradesh on design sensitisation
and product diversification. Majority
Supporting Socio-Economic during April–June 2023. Artisans of these artisans are women.
Development in North East were trained in new product Zari-Zardozi is an intricate and
diversification in various utility items elaborate embroidery that has
A focus region for the Bank has been like bamboo mugs, pen stands, considerable demand in export
the North-East Region (NER) of India. mobile stands, bamboo tray, wall markets. The skill development
The NER is known for its pristine hangings, and tissue paper boxes training will enable the artisans to
beauty, culture and sustainable with intricate designs as per the keep pace with modern techniques
practices in several communities. current market trend, which will and design trends, ensuring their
However, with geographical barriers indirectly help the artisans access products remain competitive and
such as hilly terrains, lack of industries export markets. appealing in both domestic and
in the region and connectivity international markets.
challenges, the NER remains one of Empowering Women
the most complex stories of India’s Improving Export Preparedness in
development narrative. The region A remarkable feature of India’s artisan Niche Segments
has immense growth potential but is community is the high participation
presently below the national average of women. Over half of India’s The world’s largest and only mandi
on several socio-economic indicators artisans are women, significantly exclusively for mehendi is situated
and lags behind in terms of achieving higher than the overall participation in Sojat City, Pali, Rajasthan. The
the key sustainable development of women in the labour market. Mehandi Kisan Samiti is actively
goals. In recognition of the limited Many of the grassroots enterprises engaged in the protection,
industrialisation in the region, and supported by the Bank are directly preservation and development of
the substantial scope to enhance unlocking economic and social the Sojat Mehndi industry. Sojat
export potential of the MSMEs in prosperity for women in rural India. Mehndi of Pali has received a GI
industrial clusters in the region, the One such example of support in tag in recognition of its unique
Bank has been supporting grassroots FY 2023-24 was the engagement characteristics. To leverage the latent
enterprises in the North East under with Lace Artisans’ Federation, export potential of the mehendi
its GRID programme. Narsapur, West Godavari District, industry in Sojat City, the Bank
which is a federation of 25 village has facilitated a training in export
During FY 2023-24, the Bank level mutually aided cooperative documentation and procedures,
supported Bamboo Craft Design societies, comprising more than and a workshop cum training
Development Workshop for 25 20,000 women lace artisans from programme on packaging of mehendi
bamboo artisans in Dimapur, West Godavari District who are products. The training programmes
Nagaland, in association with engaged in the craft of crochet will enable the manufacturers and
Rashtriya Gramin Vikas Nidhi, lace. The Bank has supported the traders of mehendi to better tap the
Guwahati, for a duration of 30 days Federation through skill development export markets.

33
INDIA EXIM BANK

Marketing Support workshops created awareness about orientation programme provided

the artforms, thereby generating participants with a comprehensive
The Bank provides wider visibility and demand for the products. understanding of how to effectively
brand promotion for the grassroots utilise e-commerce channels for
enterprises and artisans to market During the KGAF 2024, the Bank exporting goods and services.
their products. Since 2017, the Bank also organised an orientation
has been providing an exclusive programme for joining the Amazon Participation in the KGAF 2024
marketing platform for artisans Global Selling for all the exhibitors enabled the artisans of Dokra Art
and craftsmen under a single roof and other participants. E-Commerce and Terracotta Art to get their
through its ‘Exim Bazaar’ initiative. is democratising access to export products listed in premium stores
Exim Bazaar has gained considerable opportunities, fostering inclusivity in like The Bombay Store and CSMV
prominence over the years, and has India’s export sector and unleashing Museum souvenirs store. Some of
found favour with both the buyers the potential of a vast pool of MSMEs the artisans received business orders
and artisans alike. and grassroots enterprises. The from international buyers.

During FY 2022-23, the Bank

collaborated with the Kala Ghoda Art
Festival at Mumbai, as the Associate
Sponsor, to provide a wider market
access to the grassroots enterprises.
In FY 2023-24, the Bank once
again partnered with Kala Ghoda
Association for sponsoring Kala
Ghoda Arts Festival 2024 (KGAF)
as a presenting sponsor.

The exhibition showcased traditional

and contemporary arts, crafts and
textiles. Over 200 artisans and
grassroots enterprises from various
states across India participated in
the festival, with the Bank sponsoring
more than 60 artisans from 24
states. During the event, the Bank
hosted five workshops, viz, Bengal
Pattachitra, Block printing, Phad,
Gond and Pichwai painting. These Workshop organised during KGAF 2024

Exhibition showcasing traditional and contemporary arts, crafts and textiles during KGAF 2024

34
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

range of interactions with CSR on improving learning outcomes.

partners for making a positive impact The advantage of food for education
on communities, on society and on programmes is its potential to
the planet. The key areas for the improve both attendance in schools
Scholarships for Reserved Bank’s CSR initiatives are health, and learning and cognitive outcomes,
Category Students nutrition and sanitation, education by increasing the consumption of
and sports, skill development nutritious food by undernourished
With the objective of encouraging and livelihood support, and children. The Akshay Patra
academic excellence, particularly environmental sustainability. Foundation is the largest partner
among the reserved category students, of the Government of India and
the Bank has instituted scholarships at During the FY 2023-24, Bank’s various State Governments in
select educational institutions in India, support to developmental and social implementation of the mid-day meal
viz. (1) Dr. B.R. Ambedkar School activities under its CSR amounted to scheme.
of Economics (BASE) University, ₹ 32.7 million. The Bank approved
Bengaluru; (2) the Indian Institute nine proposals in seven states in The Bank has extended financial
of Foreign Trade (IIFT), New Delhi; areas of healthcare, nutrition, skill assistance to the Akshay Patra
(3) the Kalinga Institute of Industrial development, livelihood activities Foundation for procurement of
Technology (KIIT) University, Odisha; and education. Several of these two CNG vehicles in Varanasi,
(4) the Jawaharlal Nehru University interventions were in the aspirational Uttar Pradesh. These vehicles
(JNU), New Delhi; (5) the Delhi School districts of India. serve as eco-friendly solutions
of Economics (DSE), New Delhi; (6) for the transportation of mid-day
the National Institute of Agricultural Access to Educational meals to students of government
Marketing (NIAM), Rajasthan; (7) the Opportunities and Essential and government aided schools
North Eastern Regional Institute of Nutrition in Varanasi. Further, the Bank
Science and Technology (NERIST), supported mid-day meals of 200
Arunachal Pradesh; (8) the Manipur The Bank is focusing on CSR students of government and non-
University (MU); (9) the Mizoram initiatives in the education sector, government schools in Vrindavan,
University (MZU); (10) the Sikkim focusing on enhancing access to Uttar Pradesh for the year. This
(Manipal) University (SMU), Sikkim; schools for children. The Bank has initiative enables children from
(11) the Tezpur University (TU), Assam; been supporting the Akshay Patra underserved communities to access
(12) the Nagaland University (NU); Foundation’s mid-day meal scheme educational opportunities and
(13) the North Eastern Hill University for underprivileged children, in ensures access to essential nutrition
(NEHU), Meghalaya; (14) the Tripura recognition of the proven benefits for the children.
University (TRU); and (15) the Sikkim of food for education programmes
University (SU). The scholarships
instituted by the Bank have helped
deserving students, mostly from
the reserved category, to meet their
educational expenses and pursue
higher education. During the year, the
total amount of scholarship awarded
amounted to ₹ 1.79 million for 56
eligible students, majority of whom
were from the reserved category.

Corporate Social
Responsibility for Community
and Social Wellbeing
Corporate Social Responsibility
at the Bank encompasses a broad Delivery vehicle van for mid-day meals supported by the Bank

35
INDIA EXIM BANK

Public Infrastructure for

Mothers
A significant percentage of
commuters in railways are women,
including lactating mothers travelling
with infants. In the absence of baby
feeding rooms at railway stations,
it can be extremely difficult for
mothers travelling with infants to
breastfeed their babies in public. The
Child Help Foundation is focusing
on building necessary infrastructure
for the benefit of children and
mothers and the Bank is providing
financial assistance to the Foundation
for setting up of breast-feeding
centres at the railway stations of
Visakhapatnam, Shoranur, SMVT
Bengaluru, Puri and Jagdalpur.

Baby feeding centre at Vishakapatnam Railway Station

Supporting Access to
Quality Healthcare Services
There is a large gap between
the requirement and availability
of affordable healthcare, good
nutrition and sanitation facilities.
Recognising the need for
interventions in this area, the Bank
supported Shraddha Cancer Care
Trust for procurement of medical
equipment, IT infrastructure and
electric vehicles. These resources
would bolster the Trust’s capacity to
extend quality healthcare services to
rural and semi-urban communities,
particularly in Rishikesh and other
regions of Uttarakhand. The EVs
provide crucial mobility solutions
for medical teams operating in
remote areas, enabling them to
effectively cater to patients battling
cancer and other life-threatening
diseases. Equipped with the
necessary infrastructure, these EVs
enable the medical professionals to
conduct home visits and outdoor
consultations effectively.

EV vehicle sponsored by the Bank for Conducting Home Visits

36
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Improving Developmental is collaborating with the Kalinga and skill development. The Bank has
Outcomes in Children Institute of Social Sciences (KISS), been supporting KISS’s initiatives in
through Sports which is making concerted efforts the area of sports for the past two
Infrastructure towards the goal of creating a world decades. Currently, the Bank is
free from hunger, poverty, illiteracy supporting KISS for the construction
The Bank recognises that sports and ignorance. of a cycling velodrome, a pivotal
can be used as a powerful tool addition to KISS’s infrastructure.
to accelerate the impact of KISS is a not-for-profit organisation Envisioned to provide specialised
traditional interventions in improving headquartered in Bhubaneswar, training, this velodrome aims to
educational and developmental Odisha. KISS has been supporting groom young tribal students for
outcomes in children and over 30 thousand tribal students in national and international cycling
adolescents. In this area, the Bank its campus through education, sports competitions.

Construction of the cycling velodrome underway in Bhubaneshwar, Odisha

37
INDIA EXIM BANK

DIVERSITY
AND EMPLOYEE
WELLBEING

38
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Diversity and
Employee Wellbeing
With women constituting 44 per cent of the permanent workforce, 35 per
cent of the top management and 23 per cent of the Board, the Bank prioritises
gender sensitivity across all levels and regions. Further, the Bank ensures
inclusion of underrepresented groups, including persons with disabilities.

Human Capital Number of Employees in the Bank

Human Capital remains the strongest Category Total Male Female
and most valued asset for the Bank.
Permanent Employees 353 198 155
In comparison to other organisations
with similar asset levels, the Bank’s Other than Permanent
63 29 34
staff strength is lean. As on March 31, Employees
2024, the number of total employees Management Trainees (MTs) 16 12 04
in the Bank is 432, with professionals Total Employees including
drawn from a variety of disciplines, 432 239 193
MTs
including bankers, management
graduates, chartered accountants, Note: Bank does not have workers who are not employees.
economists, engineers, library and
documentation experts, engineers,
and IT specialists, among others.

Diversity and Inclusion and provides a safe working employees. During the reporting year,
environment. To ensure a safe no grievances were raised, indicating
Women in Workforce the effectiveness of these measures.
workplace environment, the Bank
The Bank is an equal opportunity has a zero-tolerance policy on sexual Moreover, female employees receive
institution and ensures that there is no harassment and is in full compliance all benefits at par with their male
discrimination based on gender. The with the Sexual Harassment of counterparts, as the Bank upholds
Bank’s corporate culture provides Women at Workplace (Prevention, a gender-agnostic compensation
an enabling environment wherein Prohibition and Redressal) Act, philosophy, maintaining pay parity
women employees are treated with 2013, which applies to all employees across the board.
dignity, equality, and are encouraged and includes measures to prevent
reprisals and protect the anonymity The Bank celebrates International
and empowered to attain growth and
of the aggrieved individual. Women’s Day on March 8 every year.
success.
The policy also encompasses a The celebrations provide an occasion
The Bank consciously provides dedicated Internal Complaints to celebrate the achievements of
a conducive environment and a Committee, facilitating the lodging women, acknowledge the challenges
supportive ecosystem for the needs of complaints related to sexual faced by women, and provide an
of its women workforce. harassment. This initiative reflects opportunity to freely discuss and
the Bank’s commitment to fostering share their unique perspectives and
The Bank lays utmost importance experiences.
inclusivity and security for its female
to the safety of all its employees

39
INDIA EXIM BANK

Representation of Women in Board and Top Management

Representation of
Category Total Number of Females
Women
Board of Directors 13 3 23%
Top Management 23 8 35%

Gender-wise and Age-wise Break up of Permanent Employees

Category Male Female Total
<30 years 27 25 52
30-50 years 145 110 255
>50 years 26 20 46

Compliance with Reservation Caste (SC), 24 Scheduled Tribe (ST) inclusivity and diversity. Guided by
Guidelines and 65 Other Backward Class (OBC) government directives on reservation
staff members. Equal opportunities policies, the Bank ensures the
The Bank complies with the and training are provided by the Bank representation of under-represented
Government of India’s guidelines in its to staff members belonging to SCs, groups, including Persons with
recruitment drives and has a healthy STs and OBCs. Disabilities. The Bank ensures
representation of officers from that every individual is afforded
reserved categories in its workforce. In adherence to the Rights of Persons equal opportunities for growth and
Of the total permanent staff of 353 with Disabilities (RPwD) Act, 2016, the advancement, irrespective of their
in the Bank’s service as on March Bank upholds an equal opportunity background or abilities.
31, 2024, there were 37 Scheduled policy, reflecting its commitment to

Differently Abled Employees as on March 31, 2024

Category Number Percentage in Total
Male 5 2.5%
Female 3 1.9%
Total 8 2.27%

Employee Benefits and and is facilitating availability The Bank prioritises the well-being
Well-being of crèche facility for officers of of its employees by providing
the Bank. Additionally, the Bank recreational facilities such as yoga
The Bank provides a range of benefits ensures appropriate support for and gym amenities. These offerings
to its employees, including parental employees and their families are aimed at promoting physical and
leaves, medical care, and post- during challenging times such as mental health, fostering a balanced
retirement benefits. According to death, disability or serious injury. lifestyle, and enhancing employee
the Bank’s guidelines, both female This support includes ex-gratia satisfaction. By encouraging regular
and male employees are entitled payments, financial assistance and exercise and relaxation practices, the
to maternity and paternity leaves, compassionate appointments for Bank underscores its commitment to
respectively, in alignment with families of employees who pass away supporting the holistic development
government policies. The Bank has during service, based on individual and welfare of employees.
implemented the amendments to circumstances and applicable
the Maternity Benefits Act 1961 schemes.

40
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Employee Learning and staff. Further, officers are nominated finance, procurement procedures for
Development for customised training programmes the World Bank aided projects, bond
and seminars including e-learning, mathematics, cyber security, liquidity
The Bank prioritises continuous aimed at enhancing skill sets for risk management, debt sustainability
learning, offering diverse training handling highly specialised portfolios. analysis , etc. Training was also
opportunities for the growth and imparted in KYC AML awareness
skill enhancement of its employees. During FY 2023-24, 344 officers and leadership development.
This commitment not only enhances attended 40 training programmes Considering the growing significance
employee performance but and seminars on various subjects of ESG and climate risk for the Bank’s
contributes to the Bank’s overall relevant to the Bank’s operations, operations, the Bank organised two
success. The Bank organises group which include, among others, training customised training programmes in
training programmes, facilitating on fundamentals of credit analysis, collaboration with external experts
continuous upgradation of skills of its Indian treasury market, trade for select officers.

Number of Employees Trained during FY 23-24

Category Male Female Total
Junior Management 31 43 74
Middle Management 95 71 166
Senior Management 53 33 86
Top Management 12 6 18
Total 191 153 344

41
INDIA EXIM BANK

RESPONSIBLE
CONDUCT
AND GOVERNANCE

42
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Responsible Conduct
and Governance
The Bank ensures transparency and integrity in communication and makes
available full, accurate and clear information to all concerned. The Bank is
committed to and is continuously striving to ensure compliance with best
practices of corporate governance as relevant to the Bank. The Bank has
established a framework of strategic control and is continuously reviewing its
efficacy. Business and financial performance related matters, and analytical
data and information are reported to the Board and Management Committee
of the Board (MC) periodically for review.

Governance Structure

Ownership Export-Import Bank of Export-Import Bank

India Act of India General
100% owned by
Government of India Regulations
The Mission, Objectives,
Role and Functioning of the The guidelines related
Exim Bank are prescribed to the meetings of the
by the Export-Import Bank Board and powers of
of India Act, which also Management Committee
specifies the composition of the Board, general
of the Board of Directors provisions, etc. are
and the general prescribed by the Export-
superintendence and Import Bank of India
management of the Bank. General Regulations.

The Bank is wholly owned by the Exim Bank are prescribed by the India Act (in Hindi and English) is
Government of India which is the sole Export-Import Bank of India Act, freely available at all offices of the
shareholder. The parent Ministry of which also specifies the composition Bank, in India as well as overseas.
the Bank is the Ministry of Finance, of the Board of Directors and the The Export-Import Bank of India Act
specifically the Department of general superintendence and may also be freely downloaded from
Financial Services. The Mission, management of the Bank. A printed the Bank’s website.
Objectives, Role and Functioning of copy of the Export-Import Bank of

43
INDIA EXIM BANK

Board of Directors Board. As on March 31, 2024, the Directors representing major Indian
Board comprised two Whole Time Public Sector Banks, one Director
The operations of the Bank are Directors, five Directors representing representing India’s Export Credit
governed by the Board of Directors. Government of India, one Director Insurance Company and one Director
The Export-Import Bank of India representing the Regulator, three representing trade and industry.
Act provides the constitution of the

Board-Level Committees

Risk Management Management

Committee Committee
Stakeholders
Audit Relationship
Committee Committee
Corporate
Social
Human Responsibility
Resources Committee
Committee

Information
Technology
Strategy Remuneration
Committee Committee
Board-Level Committees

Audit Committee Risk Management Committee / recommends credit proposals

and reviews related matters. In
The Audit Committee (AC) of the The Risk Management Committee the exercise of its powers, the
Board provides direction to the total of the Board (RMC) is responsible Management Committee is bound by
audit function of the Bank to enhance for monitoring and managing Bank- such general or special directions as
its effectiveness as a management wide risks and overseeing the policy the Board may give from time to time.
tool and to follow-up on all issues and strategy for integrated risk
raised in the statutory, external, management relating to credit risk, Stakeholders Relationship
internal and concurrent audit market risk and operational risk. Committee
reports and RBI inspection reports.
The AC reviews the quarterly and Management Committee The Bank has constituted
annual financial statements before Stakeholders Relationship Committee
submission of the same to the Board. The Management Committee of in accordance with Regulation 20
the Board, approves/ confirms of the SEBI (Listing Obligations and

44
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Disclosure Requirement) Regulations, The other Board level committees (KYC) norms, Anti-Money Laundering
2015, to specifically look into various include Review Committee for (AML) standards, and Combating
aspects of interest of the Bank’s debt Identification of Borrowers as Financing of Terrorism (CFT)’. The
security holders. Wilful Defaulter, Review Committee Policy conforms to the RBI guidelines
for Classification of Borrowers as in the matter.
Information Technology Non-Cooperative Borrower, Special
Strategy Committee Committee for Follow up and The KYC, AML and CFT policy
Monitoring of Frauds and Oversight covers:
The Information Technology Strategy Committee for Policy Business. More
Committee (ITSC) steers the Bank’s information on the composition, a) Customer Acceptance Policy;
Information Technology initiatives roles, responsibilities and functions, b) Risk Management;
with appropriate policy direction and and frequency of the meetings of the c) Customer Identification
implementation strategy aligned with Bank’s Board-level Committees can Procedure; and
the extant regulatory guidance, to be found in the Bank’s Annual Report
the extent applicable to the Bank. d) Monitoring of transactions.
for FY 2023-24.
The goals, objectives, scope and The Bank has access to an online
responsibility of the ITSC is to ensure database service that provides
robust IT governance and information
information on caution lists from
security governance, cybersecurity
all major sanctioning bodies, law
objectives and availability of
enforcement agencies and financial
budgetary allocations to develop
regulators worldwide. All the
the Bank’s digital depth. Compliance Culture customers of the Bank are subjected
Human Resources Committee The Bank has put in place a Board to KYC standards, which establish
approved Compliance Policy and the identity of the natural / legal
Keeping with the Bank’s commitment the Chief Compliance Officer has person and those of the beneficial
to robust corporate governance been made responsible in respect of owners.
principles, the Human Resources compliance issues with all applicable
Committee of the Board ensures The implementation of KYC policies
statutes, regulations and other
focused guidance the Bank on HR and procedures covers identification
procedures and policies as laid down
practices, its primary responsibility by the Government of India and the RBI of corporate borrowers, term
being reviewing and making and other regulators and the Board, deposit holders, correspondent
recommendations to the Board on and for reporting deviation, if any, to banks, and recruitment of new staff
matters pertaining to the Bank’s HR the Audit Committee of the Board. members. The Bank obtains data
policies. required for ensuring compliance by
A Qualified Company Secretary has its counterparty banks about KYC
Corporate Social been appointed as the Compliance norms through the Wolfsberg Group
Responsibility Committee Officer as per Regulation 6(1) of SEBI AML Questionnaire, in line with
(Listing Obligations and Disclosure international market practice. The
The Corporate Social Responsibility Requirements) Regulations, 2015 Bank maintains information in respect
Committee of the Board ensures the to comply with the various SEBI of certain transactions in accordance
focused supervision and adherence Regulations as applicable to the Bank. with the procedure and manner as
to best practices for undertaking, may be specified by the RBI and
reviewing and recommending the The Bank has appointed a Chief
SEBI from time to time. Records are
Bank’s CSR initiatives. It monitors Investor Relations Officer who is inter
maintained for a minimum period
and supervises the implementation of alia responsible for and shall deal
of five years from the end of the
the Board approved Corporate Social with dissemination of information
business relationship, depending
Responsibility Policy of the Bank. and disclosure of unpublished
price sensitive information, as on the nature of transactions. An
Remuneration Committee per requirements under the SEBI officer of the rank of Chief General
(Prohibition of Insider Trading) Manager has been appointed as the
The Remuneration Committee Regulations, 2015. Principal Officer, who is responsible
addresses matters pertaining to the for the Bank’s KYC, AML and CFT
performance review and incentives of KYC, AML and CFT measures. An extract of the KYC-
the Bank’s whole time directors and Measures AML-CFT Policy is posted on the
other senior executives with direct Bank’s website.
reporting to the Managing Director The Bank has a policy approved by
or the Board sub-committees. the Board on ‘Know Your Customer

45
INDIA EXIM BANK

Risk Management Framework

Asset Liability Management Credit Risk Management Operations Risk Management

Committee (ALCO) Committe (CRMC) Committee (ORMC)

Risk Management
Committee (RMC)

The Risk Management Committee analyses the overall market risk The Bank undertakes an annual
reviews the Bank’s position about (liquidity, interest rate risk and review of the Business Continuity
various risks (portfolio, liquidity, currency risk) of the Bank, CRMC is and Disaster Recovery plans of its
interest rate, off-balance sheet tasked with management and control offices. Each of the plans is vetted
and operational risks). The RMC of credit risks on a Bank-wide basis. for completeness about critical
reviews and formulates a detailed Business Continuity Risk Events and
The Bank has in place an advanced
risk management policy, including the safeguards in place, for mitigating
Credit Risk Model (CRM) that enables
a framework for identification of the impact thereof.
a broad-based credit decision
internal and external risks specifically
support (by incorporating a range
faced by the Bank, in particular, Risk Appetite Policy
of qualitative as well as quantitative
including financial, operational,
parameters) and internal credit
sectoral, sustainability (particularly, The Bank has adopted a Board
grading of borrowers depending
ESG related risks), information, approved Risk Appetite Policy
on credit risks. The model helps
cyber security risks or any other risk. in evaluation of risk of a borrower aligned to its strategic, financial,
The RMC oversees the operations at an enterprise level as well as and operational goals. The key
of the Asset Liability Management at a facility level depending on dimensions considered as part of
Committee (ALCO), the Fund underlying security of the facility. the risk appetite statement include
Management Committee (FMC), the A Rating Committee is in place to capital adequacy, profitability, credit
Credit Risk Management Committee independently review the credit risk, market risk, concentration
(CRMC) and the Operational ratings of proposals. risk, liquidity risk, operational risk,
Risk Management Committee reputational and compliance risk.
(ORMC), all of which have cross- The ORMC reviews the occurrence
There are risk appetite parameters
functional representations. The Risk of operational risk events in the Bank
under these risk dimensions with
Management Group is headed by the and recommends corrective action(s)
to prevent recurrence as also includes tolerance limits set for each of
Chief Risk Officer and reports to the
identification, assessment, and / the parameters. The risk appetite
Risk Management Committee of the
or measurement, monitoring and parameters are reviewed periodically,
Board.
control and mitigation of operational and a half-yearly review is submitted
While ALCO deals with issues relating risks related to or emanating from IT to the Bank’s Risk Management
to ALM policy and processes and assets of the Bank. Committee.

46
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

finance, the ESG Policy integrates the (APLMA), and Loan Syndications and
Bank’s credit appraisal process with Trading Association (LSTA). The SPO
an ESG risk assessment, as discussed also states that the Bank is well-
later. The Policy also provides for positioned to address common
ESG Governance Framework an exclusion list and any credit environmental and social risks
proposal falling under the restricted associated with projects.
The Bank has strengthened its
list of activities is not financed by
commitment towards ESG with
the Bank. To give a push to the ESG Sustainable Finance
inclusion of the Board approved ESG
and Sustainability initiatives of the Committee
Policy into its governance structure.
Bank, ESG Metrics and Responsible The Sustainable Finance Committee
The Bank aims to continue enhancing
Financing has been included as one (SFC) consists of the Chief Financial
its ESG related disclosures. The Bank
of the KPIs for the Bank. Officer (CFO), Head of Sustainability
has a dedicated ESG Group.
Group, and other senior level officials
The Bank is proactively looking to
Policy for Sustainable from multiple disciplines in the Bank.
finance projects which catalyse
Development/ Responsible The SFC has been entrusted with
Bank’s objective of Sustainable
Financing implementation of ESG Policy of the
Development and Responsible
Bank, approve the ESG ratings of
The Bank recognises that sustainable Financing. The Bank is keen on
credit proposals and classify projects
development is an institutional strengthening its climate change
eligible as Sustainable Financing
commitment and an integral part of related finance and also
Transactions under the Bank’s ESG
its pursuit of both good corporate environmentally and socially
Framework.
citizenship and the fundamentals conscious financing. The Bank also
of sound business practices. In has a nominated member in the ESG Risk Assessment
order for this to become a reality, Indian Banks’ Association’s Standing
sustainability needs to be integrated Committee on Environment, Social & The Bank has integrated
across the institution’s policies, Governance, and is closely engaging Environment, Social and Governance
processes and operations. In other with other banks in this area. due diligence with the overall credit
words, sustainability is central to the risk assessment framework to
corporate identity and culture itself. ESG Framework identify underlying ESG risks. The
Bank has developed internal models,
Responsible finance is all about good The Bank in December 2021 has
drawn from the Equator Principles,
governance, strong emphasis on developed the ESG Framework
local regulations and international
capital preservation and its quality, under which it issues sustainability
best practices, to identify and
effective risk management, and bonds and loans and uses the
assess environmental, social and
proactive social and environmental proceeds to finance or refinance in
governance risks in credit proposals.
intervention. Responsible finance whole or in part, existing or future
All credit proposals, without any
requires integrating ESG risk projects that advance the transition
threshold, are screened to assess
management into an FI’s business towards a sustainable economy and
the ESG risks and are categorised
strategy and decision-making provide social benefits in developing
into high, medium or low risk. The
processes. Accordingly, the Bank countries. The ESG Framework
Bank is cognisant of the uncertainties
has adopted a Board approved defines eligibility criteria in Six
from climate change and its impact
‘Environment, Social and Governance Green and Four Social Areas. The
on the economic financial systems.
Policy of the Bank for Sustainable Framework has been reviewed by
Climate risk related factors are also
Development and Responsible a Second Party Opinion Provider
included among the environmental
Financing’ (ESG Policy). The – Sustainalytics. The SPO has
parameters taken into consideration
objective of the Policy is enhancing confirmed that the Framework
in the models. The Bank has adopted
predictability, transparency, and is ‘Credible and Impactful’ and
a committee-based approach (SFC)
accountability of the Bank’s financing is aligned with the Sustainability
to approve ESG score and risk
decisions through measurement Bond Guidelines 2021, Green Bond categorisation for all credit proposals
and management of ESG risks, Principles 2021, and Social Bond of the Bank.
promoting ESG competitiveness of Principles 2021, as administered
Indian companies, contributing to by International Capital Market The risk assessment as per the
the Government’s Carbon Neutrality Association (ICMA), and Green Loan models is an essential first step in
Goal and expanding social value Principles 2021 and Social Loan analysing the possible negative
creation. Apart from consciously Principles 2021, as administered impacts on ecosystems, communities
and proactively strengthening the by Loan Market Association (LMA), and the climate. If these impacts
commitments towards sustainable Asia Pacific Loan Market Association are unavoidable, these should be

47
INDIA EXIM BANK

minimised and mitigated and where Business Ethics

residual impact remains, Borrowers
should provide remedy to offset the The Bank is strongly committed made proactive disclosures on its
environmental impact, as appropriate. to excellence in every aspect of website in compliance with Section
its functioning and existence. It 4(1)(b) of the Right to Information
The SFC may recommend remedial
recognises that it is created and Act (www.eximbankindia.in/rti-act).
actions for mitigation.
sustained by the citizens of India Full contact details of the Bank’s
Other ESG Focused Policies and has a duty and responsibility Central Public Information Officer,
and Mechanisms towards them as stewards of their Central Assistant Public Information
trust and the public funds of India.
Officers, the Appellate Authority
The Bank has a wide array of policies, In all its actions, it shall be guided
and the Transparency Officer are
mechanisms and statements that by the knowledge and acceptance
provided on the Bank’s website
guide and support the Bank’s of this responsibility.
(www.eximbankindia.in/rti-act).
commitment across various ESG Instructions for seeking information
The Bank is a Public Authority as
aspects. defined in the Right to Information under the Right to Information Act
Act 2005. Accordingly, the Bank has are provided on the Bank’s website.

Policies and Codes adopted by Bank with focus on Business Ethics

Export-Import Bank Officers’ Citizens Charter Policy on Code of

(Conduct, Discipline and Conduct for Directors and
The Bank commits that all its
Appeal) Regulations Senior Management
dealings with its stakeholders
The Bank has adopted shall be based on a foundation The Code of Conduct*
Export-Import Bank Officers’ of Integrity, Transparency and has been formulated and
(Conduct, Discipline and Respect. approved by the Board,
Appeal) Regulations*, which are which is required to be
applicable to all its employees. As a Corporate Citizen of India, strictly observed by the
the Bank shall unfailingly abide Directors and Senior
It comprises regulations related by the letter and spirit of laws Management of the Bank for
to integrity, conduct, observence and regulations. good governance practices.
of secrecy, conflict of interest,
penalties for misconduct, The Bank’s obligations to its
disciplinary proceedings, appeal, various stakeholders are spelt
etc., as applicable to Officers of in its Citizens Charter*.
the Bank.

Fair Practice Code Whistle Blower Policy Anti-bribery and

Anti-Corruption Policy
The Bank has adopted Fair The Bank has developed and
Practice Code* for Lenders’ adopted a Vigil Mechanism in As a part of the Vigilance
Liability. the form of its Whistle Blower Mechanism, Bank has
Policy#. adopted an Anti-bribery
The Fa i r Practices and Anti-Corruption
Code document codifies The Audit Committee of the Policy* which outlines the
the procedures to ensure Board has oversight on vigil corruption control and
clarity, transparency and mechanism and progress on reporting mechanisms.
responsiveness in the Bank’s actions taken on all complaints
lending activities at all stages received from whistle blowers.
like application, appraisal,
disbursement, supervision, etc.

* Available on the Bank’s website | # Available on the Bank’s Intranet

48
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Workplace and Human Capital

The Bank believes in building talent by
identifying individuals with potential Cyber Security
and attitude for growth and providing Policy and Information
them with opportunities to acquire Cyber Crisis Security Policy
necessary knowledge and skills. Management Plan
The Bank invests in its employees’
professional growth and development
through various training programmes
and opportunities for advancement.
The Cyber Security Policy The Information Security Policy
To create a safe and respectful
and the Cyber Crisis of the Bank sets out rules
work environment, the Bank strictly Management Plan defines and principles that the Bank
prohibits any form of harassment. The strategic guidelines about implements in its processes
Bank has zero tolerance for sexual cyber security framework and usage of its computer
harassment at the workplace and that effectively detects information resources. It assists
has adopted a Policy on Prevention, cyber-attacks on the Bank’s in the prevention of the loss of
Prohibition and Redressal of Sexual cy b e r i n f r a s tr uc t u re, an information asset or its value
Harassment of Women at the business services and other and engenders appropriate use of
Workplace, in line with the Act and the related assets, including the resources. The policy conveys
Rules made thereunder. The Bank has response and recovery from management intent to establish
an internal committee for addressing those cyber-attacks. a comprehensive information
security programme across the
grievances raised by employees.
Bank.

Grievance Redressal
Mechanism
The Bank recognises the importance
of addressing customer complaints
Information Security and or tampering to ensure that it
Data Protection remains accurate and reliable.
and resolving disputes promptly
and fairly. To seek redressal of their Availability: Ensuring that
Information security is the practice of
grievances, a borrower may write information is accessible to
protecting information by mitigating
to the Grievance Redressal Officer authorised personnel when it
information risks. The information
for Borrowers, a designated senior is needed and that systems are
security function is responsible
official. A borrower aggrieved by any not impacted by cyberattacks or
decision of the designated official for implementing and maintaining
security controls to safeguard the other security incidents.
may prefer a representation to the
Appellate Authority. The Appellate Bank’s data and systems from
To achieve these objectives,
Authority would generally be of the unauthorised access, theft or damage.
the Bank has deployed range of
rank of Deputy Managing Director The main objectives of the security controls, such as firewalls,
(DMD) of the Bank and in absence of encryption, access controls, and
information security function include:
a DMD, the Managing Director (MD) vulnerability management. The
would be the Appellate Authority. Confidentiality: Ensuring information security function is
Grievance Redressal mechanism that sensitive information is headed by a Chief Information
has been provided for and details of only accessible to authorised Security Officer (CISO) who oversees
the Grievance Redressal Officer for personnel and not disclosed the implementation and maintenance
Borrowers and the Appellate Authority to unauthorised individuals or of security controls. The CISO works
for Redressal of Grievances of entities. closely with other departments and
Borrowers and the Officer for assisting senior management, to ensure that
and handling investor grievances are Integrity: Protecting information the Bank’s security posture is aligned
provided on the Bank’s website. from unauthorised modification with its overall goals and objectives.

49
INDIA EXIM BANK

The cyber risk landscape has level. The SOC uses Security Moreover, the Bank’s proactive
worsened as cyber criminals and Information and Event Management approach includes conducting
threat actors exploit a fractious (SIEM) software, which collects, Phishing simulations biannually.
environment to target a wide range and aggregates logs generated These simulations, an integral part
of organisations, particularly in the throughout the Bank’s technology of the Bank’s security strategy, allow
financial sector, with increasingly infrastructure. The Bank’s assets it to evaluate the effectiveness of
advanced attacks. In order to are being monitored 24x7. The its user awareness initiatives and
mitigate the cyber risk, the Bank has SOC team conducts Red Teaming identify areas for improvement.
instituted a well-defined governance exercise to identify the blind spots
structure for information security and in the defences and network security.
data protection. It has constituted an No complaints concerning
Information Security Unit (ISU) led The Bank has developed in- breaches of customer privacy,
by the CISO and adopted a Board house capabilities to conduct the leaks, theft or loss of customer
approved Information Security Policy, Vulnerability Assessment and data were received by the Bank
Cyber Security Policy and the Cyber Penetration Testing (VAPT) on a during FY 2022-23 and
Crisis Management Plan. regular basis. The Bank undertakes FY 2023-24.
IT risk assessment according to CIA
The Cyber Security Policy and the (Confidentiality, Integrity, Availability)
Cyber Crisis Management Plan triad and prepares a risk register The Bank’s Data Centre and
defines strategic guidelines about with the appropriate risk ranking of Disaster Recovery Site are ISO
cyber security framework that information assets. 27001:2023 certified.
effectively detects cyber-attacks
on the Bank’s cyber infrastructure, The Bank undertakes various initiatives
business services and other related to build awareness about information/
assets, including response and cyber security and organizes regular
recovery from those cyber-attacks. awareness training for employees,
vendors and other stakeholders on
The ISU also oversees other cyber cyber security threats, and issues
security related matters, such as data guidance on using digital platforms in Vigilance
protection risks and compliance with a safe and secure manner.
cyber security related regulations. Vigilance is a fundamental aspect of
The Bank continues to devote The Bank’s commitment to the banking industry, ensuring the
significant resources to improve cybersecurity remains steadfast security, integrity and compliance of
the cyber hygiene and control as it prioritises the protection of operations. The Bank has a Chief
environment to stay ahead of the the organisation and its clients. All Vigilance Officer. The Bank’s Chief
cyber threat curve. employees of the bank undergo Vigilance Officer may be contacted
comprehensive Information Security for any case of vigilance related
The Bank’s Data Centre and Disaster Assessments upon completion of matter. The contact particulars are
Recovery Site are ISO 27001:2023 Cyber/Information Security training. provided on the Bank’s website. (www.
certified. The ISO 27001 certification These assessments serve as a critical eximbankindia.in/vigilance). The Bank
is a globally recognised standard for measure of the workforce’s readiness continues to implement preventive
information security management. to counter evolving cyber threats. measures for systemic improvement.
It sets out the requirements for
establishing, implementing,
maintaining, and continually
improving an Information Security
Management System (ISMS). The
standard covers various aspects of
information security, including risk
management, security policies and
procedures, access controls, incident
management and business continuity.
This involves undergoing an audit
by an accredited certification body,
which verifies whether the Bank’s
ISMS complies with ISO 27001
requirements.

The Bank has established a Security

Operations Centre (SOC) to monitor
information assets at the enterprise Celebration of Vigilance Awareness Week 2023

50
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

As a precursor to Vigilance Awareness Week 2023, in line with the Central Vigilance Commission (CVC) suggestions,
the Bank ran a three-month campaign aimed to focus on preventive measures in selected areas, such as

Awareness building on Public Interest Disclosure and Protection of Informer (PIDPI) Resolution

Capacity Building on the focus areas by providing extensive training to officers

Leveraging of IT for complaint disposal

Identification and implementation of systemic improvements

Disposal of complaints

Updating of Circular/ guidelines / manuals

During the campaign period, officers of the Bank attended various training sessions conducted by the CVC in the areas
given below:

Ethics and Cyber Hygiene

Governance and Security

1 2 3 4 5

Procurement Systems and Inquiring Authority

Procedures of the and Presenting
organisation Officer training

51
INDIA EXIM BANK

During the year 2023-24, Vigilance Lecture by Shri Shrikant Namdeo, awareness. The Bank promoted the
Awareness Week (VAW) was Director, Department of Financial e-pledge and encouraged clients and
observed by the Bank, with the theme Services, on the theme ‘Say No to vendors to take the e-pledge and
‘Say No to Corruption; Commit to Corruption; Commit to the Nation’. commit themselves to the highest
the Nation’. The Vigilance Awareness In order to raise awareness among standards of honesty and integrity.
Week was inaugurated with the employees and the public on The Bank’s Vigilance e-Journal was
administration of the Integrity Pledge the theme of Vigilance Awareness released by the Managing Director,
amongst employees to encourage Week, the Bank also prepared the Chief Vigilance Officer and
them to maintain the highest level various posters and videos on Public the Deputy Managing Directors of
of integrity and work unstintingly Interest Disclosure and Protection the Bank during the Week. A quiz
for eradication of corruption at of Informers (PIDPI), as also on the was conducted during the Week to
workplaces and every sphere of life. theme of VAW 2023. These posters assess the awareness of the Vigilance
and videos were published on the functionaries and the importance of
During the Vigilance Awareness Bank’s website and shared on various business ethics.
Week, the Bank organised a Guest social media platforms, to create

Guest lecture organised during Vigilance Awareness Week 2023

52
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

GHG Inventory Report

ABOUT EXIM BANK Johannesburg, Nairobi, Singapore, Washington, D.C.
and Yangon as well as an overseas branch in London.
At A Glance
The Export-Import Bank of India (Exim Bank) was Reporting Boundary
established as a corporation under the Export-Import
Exim Bank has chosen the operational control
Bank of India Act, 1981, as amended from time to time,
methodology to calculate the GHG emissions for across
and is wholly owned by the Government of India. For
India operations. The reporting boundary covers the
over four decades, Exim Bank has played a crucial role in
pan India locations of operations of the Bank. This
financing, facilitating and promoting India’s international
document also outlines the management processes and
trade and investment. The Bank has emerged as a trusted
methodologies used to determine the Bank’s Greenhouse
partner in the globalisation efforts of Indian companies,
Gas (GHG) inventory.
providing a broad range of support at all stages of the
business cycle. The Bank’s financial offerings are tailored
to the varied requirements of Indian exporters, including OPERATIONAL BOUNDARY
import of technology, development of export products, The annual GHG Inventory – Scope 1, Scope 2, and
manufacturing, marketing, shipment and international Scope 3 is in accordance with the requirements of GHG
investment for market access and value chain linkages, Accounting Standard: The Greenhouse Gas Protocol:
among others. A corporate accounting and reporting including below
five principles:
As a policy bank, Exim Bank has also been instrumental
in facilitating the development partnerships of the a) Relevance: The relevance principle in GHG accounting
Government of India, by extending finance to partner emphasises the importance of selecting appropriate
countries to meet their development priorities and create emission sources and boundaries for accurate
a positive socio-economic impact in projects across an and meaningful measurement and reporting of
array of diverse sectors, while concomitantly creating greenhouse gas emissions. It ensures that the
large opportunities for Indian companies in high value- accounting exercise focuses on the most significant
added and technology-intensive sectors. sources and activities that have a material impact on
the overall emissions profile, while avoiding excessive
Stakeholders of the Bank also benefit from a wide array
complexity or reporting of trivial emissions. The
of value-added services provided by the Bank, including
relevance principle recognises that not all emissions
research, marketing assistance, capacity building
sources are equally significant in terms of their
workshops and training for grassroots enterprises and
contribution to climate change. Some activities or
information dissemination through seminars, webinars
sectors may have larger emissions than others, and
and the Exim Mitra portal.
focusing on these key sources allows for a more
targeted approach to emissions management and
Human Resources reduction efforts. By identifying and including the
As on March 31, 2024, the total number of employees in most relevant sources, organisations can prioritise
the Bank is 432, with professionals drawn from a variety resources and actions to achieve meaningful
of disciplines, including bankers, management graduates, emission reductions. Selecting appropriate emission
chartered accountants, economists, engineers, library boundaries is also crucial under the relevance
and documentation experts, engineers and IT specialists, principle. The boundaries define the extent of the
among others. accounting exercise, determining which activities
and emissions sources are included or excluded. By
Geographical Footprint defining clear boundaries, organisations can ensure
that their emissions accounting captures the most
The Bank’s Head Office is located in Mumbai. The
relevant aspects of their operations.
Bank has domestic regional offices in Ahmedabad,
Bangalore, Chandigarh, Chennai, Guwahati, Hyderabad, b) Completeness: The completeness principle in GHG
Kolkata, Mumbai, New Delhi and Pune, and overseas accounting highlights the importance of including
representative offices in Abidjan, Dhaka, Dubai, all relevant greenhouse gas emissions and removals
in the accounting process. It requires capturing

53
INDIA EXIM BANK

emissions from all significant sources within the the reliability and accuracy of reported emissions
defined scope and boundaries of the accounting data. This transparency enhances credibility and
exercise. By accounting for all emissions sources, facilitates informed decision-making. Transparent
the completeness principle ensures a comprehensive reporting enables the replication and verification
and accurate assessment of an organisation’s or of emissions data. When methods, data sources,
entity’s carbon footprint. The completeness principle and calculation procedures are clearly documented,
ensures that the accounting exercise provides a independent parties can assess the accuracy and
holistic and comprehensive assessment of GHG reliability of reported emissions. Replicability and
emissions. It captures emissions from various verification enhance the credibility of emissions
sources, including direct emissions (Scope 1), indirect data and support the integrity of GHG accounting.
emissions from purchased energy (Scope 2), and
other indirect emissions from value chain activities e) Accuracy: The accuracy principle in GHG accounting
(Scope 3). By including all scopes, the accounting emphasises the importance of ensuring that emission
process provides a more accurate understanding estimates are accurate and precise. It requires
of an organisation’s overall emissions impact. employing reliable data, appropriate methodologies,
and quality assurance measures to minimise
c) Consistency: The consistency principle in greenhouse errors and uncertainties in the calculation and
gas emission accounting emphasises the importance reporting of greenhouse gas emissions. Accurate
of using consistent methods, assumptions and data and precise emission estimates provide a more
over time when measuring and reporting greenhouse reliable basis for decision-making, target setting, and
gas emissions. It ensures that GHG accounting assessing progress in emissions reduction efforts.
is performed using consistent approaches and Accurate emission data is necessary to assess the
enables accurate tracking of emissions trends, performance of emission reduction measures and
comparisons between different accounting periods, track progress over time. It enables organisations
and assessment of progress toward emission to evaluate the effectiveness of implemented
reduction targets. Consistency allows for meaningful strategies, identify areas for improvement, and
comparisons between different accounting periods, make informed adjustments to their emissions
organisations or sectors. By using consistent management efforts. Accurate emission estimates
methodologies, it becomes easier to identify trends, provide a reliable basis for informed decision-
analyse changes in emissions over time, and assess making. Organisations, policymakers and other
the effectiveness of emission reduction measures. stakeholders rely on emissions data to develop
Further, Consistency in GHG accounting enables effective strategies and policies to reduce emissions.
organisations to track their progress toward emission Inaccurate estimates can lead to misguided decisions
reduction targets. By using consistent methodologies and inefficient allocation of resources.
and assumptions, it becomes possible to assess
whether emissions are increasing or decreasing over Exim Bank acknowledges the significance of GHG
time and determine if efforts to reduce emissions principles and emphasises the transparency in precise
are having the desired effect. GHG accounting and reporting in combating climate
change. To uphold our sustainability commitment, we
d) Transparency: Transparency principle in GHG adhere to the GHG Protocol Corporate Standard for
accounting emphasises the importance of openly measuring and disclosing emissions. We affirm that our
disclosing the methods, data sources, and calculation GHG accounting practices are in line with the globally
procedures used in measuring and reporting recognised GHG Protocol Corporate Standard, ensuring
greenhouse gas emissions. It involves providing clear accurate calculation and disclosure of greenhouse gas
and accessible documentation that allows for the emissions.
replication and verification of the reported emissions.
Transparency fosters trust and confidence in the To ascertain the operational boundary, the Bank has
reported data, enables stakeholders to assess the identified several sources of emissions of major GHGs
credibility of emissions information, and facilitates associated with its operations, including Carbon dioxide
informed decision-making regarding emissions (CO2) and Hydroflourocarbons (HFCs). These sources
reduction strategies and initiatives. Transparency are categorised as direct and indirect emissions and
builds trust and confidence among stakeholders, recognised as Scope 1, 2 or 3 depending on their sources.
including investors, customers, regulators, and the The emission of PFCs and SF6 is assumed to be zero as
public. When organisations openly disclose their there are no major sources for these emissions within the
methods and data sources, stakeholders can assess organisational and operational boundary of the Bank.

54
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

operations, and where it can influence decisions that

Scope Source
impact GHG emissions. This includes all owned and
Scope 1 Company Cars leased facilities of the Bank at its domestic regional
DG Sets owned by the Bank offices in Ahmedabad, Bangalore, Chandigarh, Chennai,
HVAC Refrigerant Leaks Guwahati, Hyderabad, Kolkata, Mumbai, New Delhi and
Fire Extinguishers
Pune. The addresses and contact information of these
Scope 2 Purchased Electricity in Offices
offices are at Annexure 1.
Leased DG/Natural Gas Sets
Scope 3 Business Travel by Air (Domestic)
Reporting Period & Base Year
Reporting Period: 1st April 2023 to 31st March 2024
Exim Bank has accounted for GHG emissions from its
locations in India for which it has direct control over Base Year: FY 2023-24

Methodology
Data for the various GHG source was maintained by the respective departments and domestic offices in excel
spreadsheet format and was checked with the source documents.

Frequency of
GHG Source Type GHG Activity Data Source
Collection
Diesel Generator Sets owned Fuel Quantity (Litres) Fuel Bills Monthly
by the Bank
Diesel/ Natural Gas Generator Fuel Quantity (Litres for Diesel, Fuel Bills Monthly
Sets leased by the Bank Standard Cubic Metres for Natural
Gas)
Company Cars Fuel Quantity (Litres) Fuel Bills Monthly
HVAC Refrigerant Leaks Refrigerant Refill Quantity (Kg) Amount submitted by Annual
[R-22, R-32] Vendors
Purchased Electricity Electricity Consumption (kWh) Electricity Bills Monthly
Air Travel Passenger-kilometres Internal Online Portal Annual
of Bank (TICE)

GHG Emissions Uncertainty

The reported GHG emissions uncertainty for the reporting period for the year ended March 31, 2024 are:

GHG Emissions in Uncertainty in t

Scope Uncertainty in %
tonnes of CO2e CO2e
Scope 1 138.89 0 0
Scope 2 1300.98 0 0
Scope 3 328.32 10 32.832

55
INDIA EXIM BANK

GHG Emissions Summary

The reported GHG emissions for the reporting period for the year ended March 31, 2024 are:

GHG Emissions per GHG Emissions per

GHG Emissions in
Scope Employee in tonnes Sq. Ft. in tonnes of
tonnes of CO2e
of CO2e CO2e
Scope 1 138.89 0.24 0.001
Scope 2 1300.98 2.28 0.006
Scope 3 328.32 0.58 0.001
Total 1768.19 3.10 0.008

Office-wise GHG emissions are at Annexure 2. Emission factors used to calculate the stated emissions are at
Annexure 3.

Report Custodian
Ms. Manjiri Bhalerao
Chief General Manager
Export-Import Bank of India
Email: [email protected]

56
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Annexure 1: Domestic Offices of Exim Bank

Mumbai-Head Office Hyderabad
Centre One Building, Floor 21, World Trade Golden Edifice, 2nd Floor, 6-3-639/640, Khairatabad
Centre Complex, Cuffe Parade, Mumbai - 400 005, Circle, Hyderabad - 500 004, Telangana, India.
Maharashtra. Phone: +91 40 23307816-21
Phone: +91 22 22172600 Email: [email protected]
Email: [email protected]
Kolkata
Ahmedabad Vanijya Bhawan, 4th Floor, (International Trade
Sakar II, 1 Floor, Next to Ellisbridge Shopping
st
Facilitation Centre), 1/1 Wood Street, Kolkata - 700
Centre, Ellisbridge P. O., 016, West Bengal.
Ahmedabad - 380 006, Gujarat. Phone: +91 33 68261301/300
Phone: +91 79 26576852/26576843 Email: [email protected]
Email: [email protected]
Mumbai-Regional Office
Bengaluru 8th Floor, Maker Chamber IV, Nariman Point, Mumbai
Ramanashree Arcade, 4th Floor, 18, M. G. Road, - 400 021, Maharashtra, India.
Bengaluru - 560 001, Karnataka. Phone: +91 22 22861300
Phone: +91 80 25585755/25589101-04 Email: [email protected]
Email: [email protected]
New Delhi
Chandigarh Office Block, Tower 1, 7th Floor, Adjacent Ring Road,
C- 213, 2 Floor, Elante Offices, Industrial Area
nd
Kidwai Nagar (East) New Delhi - 110023, New Delhi.
Phase -1, Chandigarh - 160 002, Chandigarh. Phone: +91 11 61242600 / 24607700
Phone: +91 172 - 2997960-63 Email: [email protected]
Email: [email protected]
Pune
Chennai No. 402 & 402(B) 4th floor Signature Building,
Overseas Towers, 4 and 5 Floor, 756-L, Anna
th th
Bhamburda, Bhandarkar Rd, Shivajinagar,
Salai, Chennai - 600 002, Tamil Nadu. Pune - 411004, Maharashtra.
Phone: +91 44 28522830/31 Phone: +91 20 26403000
Email: [email protected] Email: [email protected]

Guwahati
NEDFi House, 4th Floor, GS Road, Dispur, Guwahati
- 781 006, Assam.
Phone: +91 361 2237607/609
Email: [email protected]

57
 Annexure 2: Office-wise GHG Emissions in KG CO2eq
58

INDIA EXIM BANK

Mumbai-
Parameter Ahmedabad Bengaluru Chennai Chandigarh Guwahati Mumbai-HO Nariman Hyderabad Kolkata New Delhi Pune All Offices
Point
Scope 1 (Total) 28.0 1137.2 0.0 4.5 14.0 60262.5 812.4 54911.1 3414.6 18309.9 0.0 138894.1
1.1 Stationary 0.0 1117.2 0.0 0.0 0.0 0.0 0.0 532.0 0.0 0.0 0.0 1649.2
Combustion
1.2 Mobile Combustion 0.0 0.0 0.0 0.0 0.0 59450.1 699.1 3414.6 15584.4 0.0 79148.1
1.3 Fugitive Emissions 28.0 20.0 0.0 4.5 14.0 812.4 812.4 53680.0 0.0 2725.5 0.0 58096.8
Total Scope 1 per 2.3 113.7 0.0 0.5 2.3 172.2 16.2 5491.1 243.9 215.4 0.0 243.7
Employee
Total Scope 1 per Sq. 0.0 0.1 0.0 0.0 0.0 0.5 0.1 6.7 0.4 0.5 0.0 0.6
Ft.
Scope 2 (Total) 23149.3 156441.2 75775.5 16512.1 11776.4 573937.2 125540.4 48065.7 28953.1 218789.2 22040.6 1300980.7
2.1 Purchased 23149.3 156441.2 75516.0 16501.2 11517.8 573937.2 125540.4 48065.7 28953.1 212526.9 22027.6 1294176.4
Electricity
2.2 Purchased Energy 0.0 0.0 259.5 10.9 258.6 0.0 0.0 0.0 0.0 6262.3 13.0 6804.3
Total Scope 2 per 1929.1 15644.1 5828.9 1651.2 1962.7 1639.8 2510.8 4806.6 2068.1 2574.0 2204.1 2282.4
Employee
Total Scope 2 per Sq. 2.3 15.7 7.7 3.5 3.3 5.2 8.2 5.8 3.1 6.3 6.2 5.9
Ft.
Scope 1 + Scope 2 23177.3 157578.4 75775.5 16516.6 11790.4 634199.6 126352.8 102976.8 32367.7 237099.1 22040.6 1439874.8
(Total)
Scope 1 + Scope 2 per 1931.4 15757.8 5828.9 1651.7 1965.1 1812.0 2527.1 10297.7 2312.0 2789.4 2204.1 2526.1
Employee
Scope 1 + Scope 2 per 2.3 15.8 7.7 3.5 3.3 5.7 8.2 12.5 3.5 6.9 6.2 6.5
Sq. Ft.
Scope 3 (Total) 328315.2
3.6 Business Travel 328315.2
Scope 3 Total per 576.0
Employee
Scope 3 Total per Sq. 1.5
Ft.
Total Scope 1 + Scope 1768190.0
2 + Scope 3
Total Emissions per 3102.1
Employee
Total Emissions per 8.0
Sq. Ft.
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Annexure 3: Emission Factors

Scope Activity Type Type Reference
Scope 1 Company Cars Petrol UK Government GHG Conversion Factors for
DG Sets owned by Diesel Company Reporting, DESNZ/DEFRA, June 2023
the Bank https://www.gov.uk/government/publications/
HVAC Refrigerant R-22, R-32 greenhouse-gas-reporting-conversion-
Leaks refrigerants factors-2023
Fire Extinguishers CO2
Scope 2 Purchased Electricity Location-Pan India; Central Electricity Authority (CEA)- CO2 Baseline
in Offices Units in kWh Database for the Indian Power Sector, Version
19.0. https://cea.nic.in/cdm-co2-baseline-
database/?lang=en
Leased DG/ Natural Diesel/ Natural Gas UK Government GHG Conversion Factors for
Gas Sets Company Reporting, DESNZ/DEFRA, June 2023
https://www.gov.uk/government/publications/
greenhouse-gas-reporting-conversion-
factors-2023
Scope 3 Business Travel by Flight Type: Domestic India Specific Air Transport Emission Factors for
Air Passenger Travel and Material Transport, India
GHG Program (2015)
https://shaktifoundation.in/wp-content/
uploads/2021/12/WRI-2015-India-Specific-Air-
Transport-Emission-Factors.pdf

59
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

GRI Content Index

The Export-Import Bank of India has reported in accordance with the GRI Standards for the period 1st April 2023-
31st March 2024.

Indicator Description Section/Explanation Page Number Remarks

GRI 2 General Disclosures
The organisation and its reporting practices
2-1 Organisation Details About Exim Bank 2-4
2-2 Entities included in the About the Report 5
Organisation's Sustainability
Reporting
2-3 Reporting Period, About the Report 5,
Frequency and Contact Back Cover
Point
2-4 Restatement of Information About the Report 5
2-5 External Assurance GHG Inventory Report 60-64 The Bank has
obtained third-party
verification of its
GHG inventory. The
Bank will consider
seeking assurance
for its report at a
later date.
Activities and Workers
2-6 Activities, Value Chains About Exim Bank, About 4-5
and Other Business the Report
Relationships
2-7 Employees Diversity and Employee 39-41
Wellbeing
2-8 Workers who are not Diversity and Employee 39
employees Wellbeing
Governance
2-9 Governance Structure and Responsible Conduct and 43-45
Composition Governance
2-10 Nomination and selection Responsible Conduct and 43-44
of the highest governance Governance
body
2-11 Chair of the highest Responsible Conduct and 43-44
governance body Governance
2-12 Role of the highest Responsible Conduct and 44-45
governance body in Governance
overseeing the management
of impacts
2-13 Delegation of responsibility
Stakeholder Engagement 8, 45-48
for managing impacts and Materiality
Assessment, Responsible
Conduct and Governance
2-14 Role of the highest About the Report, 5,8,47-48
governance body in Stakeholder Engagement
overseeing the management and Materiality
of impacts Assessment, Responsible
Conduct and Governance

65
INDIA EXIM BANK

Indicator Description Section/Explanation Page Number Remarks

2-15 Conflicts of Interest Responsible Conduct and 48
Governance
2-16 Communication of critical Responsible Conduct and 49
concerns Governance
2-17 Collective knowledge of the Responsible Conduct and 47
highest governance body Governance
2-18 Evaluation of the Responsible Conduct and 47
performance of the highest Governance
governance body
2-19 Remuneration policies Corporate Governance, Annual
Annual Report Report, Page
79-80
2-20 Process to determine Corporate Governance, Annual
remuneration Annual Report Report, Page
79-80
2-21 Annual total compensation Corporate Governance, Annual
ratio Annual Report Report, Page
80
Strategies, Policies and Practices
2-22 Statement on Sustainable Managing Director's 6-7
Development Strategy Statement
2-23 Policy Commitments Responsible Conduct and 47
Governance
2-24 Embedding Policy Responsible Conduct and 47
Commitments Governance
2-25 Processes to remediate Responsible Conduct and 49
negative impacts Governance
2-26 Mechanisms for Seeking Diversity and Employee 39, 48-49
Advice and Raising Wellbeing, Responsible
Concerns Conduct and Governance
2-27 Compliance with Laws and Responsible Conduct and 45, 48, 50-
Regulations Governance 52
2-28 Membership associations Promotional and Annual
Developmental Role, Report, Page
Annual Report 48-49
2-29 Approach to stakeholder Stakeholder Engagement 8
engagement and Materiality Assessment
2-30 Collective Bargaining N/A Working conditions
Agreements and terms of
employment of
employees are
not influenced
or determined
based on collective
bargaining
agreements
GRI 3 Material Topic Disclosures
Material Topics
3-1 Process to Determine Stakeholder Engagement 8
Material Topics and Materiality Assessment
3-2 List of Material Topics Stakeholder Engagement 9-11
and Materiality Assessment

66
 S U S TA I N A B I L I T Y R E P O R T 2 0 2 3 - 2 4

Indicator Description Section/Explanation Page Number Remarks

GRI 200 Economic Disclosures
Indirect Economic Impact
203-1 Infrastructure investments Managing Environmental 17-27, 29-37
and services supported Impact, Inclusive Growth
and Socio-economic
Development
203-2 Significant indirect Managing Environmental 17-27, 29-37
economic impacts Impact, Inclusive Growth
and Socio-economic
Development
GRI 300 Environmental Disclosures
305-1 Direct (Scope 1) GHG Managing Environmental 13-14, 53-56
emissions Impact, GHG Inventory
Report of Exim Bank
305-2 Energy indirect (Scope 2) Managing Environmental 13-14, 53-56
GHG emissions Impact, GHG Inventory
Report of Exim Bank
305-3 Other indirect (Scope 3) Managing Environmental 13-14, 53-56
GHG emissions Impact, GHG Inventory
Report of Exim Bank
305-4 GHG emissions intensity Managing Environmental 13-14, 53-56
Impact, GHG Inventory
Report of Exim Bank
305-5 Reduction of GHG emission Managing Environmental 14-15
Impact
GRI 400 Social Disclosures
Employment
401-3 Parental leave Diversity and Employee 40
Wellbeing

Training and Education

404-2 Programmes for upgrading Diversity and Employee 41
employee skills and Wellbeing
transition assistance
programmes
Diversity and Equal Opportunity
405-1 Diversity of governance Diversity and Employee 39-40
bodies and employees Wellbeing
Non-discrimination
406-1 Incidents of discrimination Diversity and Employee 39
and corrective actions taken Wellbeing
Local Communities
413-1 Operations with local Inclusive Growth 29-37
community engagement, and Socio-economic
impact assessments and Development
development programmes
Customer Privacy
418-1 Substantiated complaints Responsible Conduct and 49-50
concerning breaches of Governance
customer privacy and losses
of customer data

67
EXPORT-IMPORT BANK OF INDIA
HEAD OFFICE NEW DELHI
Office Block, Tower 1, 7th Floor,
Centre One Building, Floor 21, World Adjacent Ring Road, Kidwai Nagar (East), New Delhi 110 023.
Trade Centre Complex, Phone: (91 11) 61242600/24607700
Cuffe Parade, Mumbai 400 005. E-mail: [email protected]
Phone: (91 22) 22172600
E-mail: [email protected] PUNE
Website: www.eximbankindia.in No. 402 & 402(B), 4th Floor Signature Building, Bhamburda,
Bhandarkar Rd, Shivajinagar, Pune 411 004.
Phone: (91 20) 26403000
AHMEDABAD E-mail: [email protected]
Sakar II, 1st Floor, Next to Ellisbridge Shopping Centre,
Overseas:
Ellisbridge P. O., Ahmedabad 380 006.
Phone: (91 79) 26576852/26576843 LONDON (BRANCH)
E-mail: [email protected] 5th Floor, 35, King Street, London - EC2V 8BB,
United Kingdom.
BENGALURU Phone: (44) 20 77969040
E-mail: [email protected]
Ramanashree Arcade, 4th Floor,
18, M. G. Road, Bengaluru 560 001. ABIDJAN
Phone: (91 80) 25585755/25589101-04
5th Floor, Azur Building, 18-Docteur Crozet Road, Plateau,
E-mail: [email protected] Abidjan, Côte d’Ivoire.
Phone: (225) 27 20242951/ 37
CHANDIGARH E-mail: [email protected]
C- 213, 2nd Floor, Elante Offices, Industrial Area Phase -1,
Chandigarh 160 002. DHAKA
Phone: (91 172) 2997960-63  adhumita Plaza concord, 12th Floor, Plot No. 11,
M
E-mail: [email protected] Road No. 11, Block G, Banani, Dhaka 1213,Bangadesh.
Phone: (880) 255042444
CHENNAI E-mail: [email protected]
Overseas Towers, 4th and 5th Floor,
DUBAI
756-L, Anna Salai, Chennai 600 002.
 evel 5, Tenancy 1B, Gate Precinct Building No. 3,
L
Phone: (91 44) 28522830/31
Dubai International Financial Centre,
E-mail: [email protected]
PO Box No. 506541, Dubai, United Arab Emirates.
Phone: (971) 4 3637462
GUWAHATI
E-mail: [email protected]
NEDFi House, 4th Floor, GS Road, Dispur,
Guwahati 781 006. JOHANNESBURG
Phone: (91 361) 2237607/609 2nd Floor, Sandton City Twin Towers East,
E-mail: [email protected] Sandhurst Ext. 3, Sandton 2196,
Johannesburg, South Africa.
LUCKNOW Phone: (27) 11 3265103/13
Unit No. 101, 102 and 103, 1st Floor, Shalimar Iridium Vibhuti E-mail: [email protected]
Khand, Gomti Nagar, Lucknow 226 010
NAIROBI
Phone: (91 522) 6188035
Unit 1.3, The Oval, Jalaram Road, Westlands, Nairobi, Kenya.
E-mail: [email protected]
Phone: (254) 741757567
HYDERABAD E-mail: [email protected]

Golden Edifice, 2nd Floor, 6-3-639/640, SINGAPORE

Khairatabad Circle, Hyderabad 500 004. 20, Collyer Quay, #10-02, Singapore 049319.
Phone: (91 40) 23307816-21 Phone: (65) 65326464
E-mail: [email protected] E-mail: [email protected]

KOLKATA WASHINGTON D.C.

Vanijya Bhawan, 4 Floor, (International Trade Facilitation
th 1750 Pennsylvania Avenue NW, Suite 1202,
Centre), 1/1 Wood Street, Kolkata 700 016. Washington D.C. 20006, United States of America.
Phone: (91 033) 68261301 Phone: (1) 202 2233238
E-mail: [email protected] E-mail: [email protected]

YANGON
MUMBAI
08/05, 8th floor, Union Financial Center (Tower-A),
8 Floor, Maker Chamber IV, Nariman Point,
th
45th Street, Mahar Bandoola Road,
Mumbai 400 021. Botahtaung Township, Yangon 11161, Myanmar.
Phone: (91 22) 22861300 Phone: (95) 9423694109
E-mail: [email protected] E-mail: [email protected]
Centre One Building, 21st Floor, World Trade Centre Complex, Cuffe Parade, Mumbai- 400 005

+91-22-22172600 [email protected] www.eximbankindia.in

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