In the backdrop of record claims payment of Rs.1,283 crore in FY2018, government-owned ECGC has decided to reduce export credit cover for banks to 50 per cent of the outstanding amount, against 65-75 per cent earlier, and revise insurance premium upwards. The export credit agency has also asked banks to seek its approval in cases where the working capital limits of their large exporter clients exceed Rs.600 crore. Of the total claims of Rs.1,283 crore paid out by ECGC in FY2018, banks accounted for a chunk (Rs.1,131 crore). In FY2017, the corporation paid claims amounting to Rs.885 crore.