Export-Import Bank of India (EXIMBK)

Export-Import Bank of India is a policy financial institution 100% owned by the Government of India and is a core medium- to long-term financing issuer supporting India’s exports, overseas investment, and development partnerships. The credit conclusion is that, while the profitability and asset quality of the standalone bank still need to be assessed, the central analytical axis is to view it as a policy-finance credit that is extremely close to the Indian sovereign.

On February 13, 2026, JCR affirmed its foreign-currency and local-currency long-term issuer ratings at BBB+ / Stable . JCR characterizes the bank as a special financial institution 100% owned by the Government of India, and cites as rating drivers its industrial-policy importance in export promotion, its strong capital, personnel, operational, and funding relationship with the government, the possibility of support from the RBI, and protection under legislation related to liquidation. In January 2026, S&P assigned a BBB rating to the bank’s US dollar senior unsecured notes, stating that the rating reflected India Exim Bank’s BBB / Stable / A-2 issuer credit rating. Domestically, CRISIL affirmed Crisil AAA / Stable in June 2025, and ICRA affirmed/assigned [ICRA]AAA (Stable) and [ICRA]A1+ in June 2025; in the Indian rupee market, the bank is treated as a top-tier government-related financial issuer.

The attractions for investors are clear. First, it is 100% government-owned and has a high degree of policy indispensability. Second, in its FY2024-25 annual report, the loan portfolio increased 18% to Rs 1,857 billion, PAT rose 29% year on year, and CRAR improved to 25.29%. Third, asset quality is on an improving trend, with gross NPA of 1.71%, net NPA of 0.14%, and a provision coverage ratio of 98.26% as of end-March 2025. Fourth, it has an established track record of issuance in international capital markets, including a 10-year US dollar bond in 144A/RegS format and BRL-denominated bonds in FY2024-25.