NIRVIK Scheme

The Finance Minister, Nirmala Sitharaman, announced the NIRVIK scheme in the Union Budget 2020-21.It will provide high insurance cover for exporters and reduce premium for small exporters.

• To achieve higher export credit disbursement, a new scheme NIRVIK is being launched which provides for high insurance cover, reduction in premium for small exporters and simplified procedures for claim.
  
• the Export Credit Insurance Scheme (ECIS), the insurance guarantee could cover up to 90% of the principal and interest.Under ECIS, insurance cover percentage has also been enhanced to 90% from the present average of 60% for the both principal and interest.