The need for export promotion had started immediately after Independence in 1947.

In 1953, a proposal for initiation of an export credit guarantee scheme was put forward at a meeting of the Export Advisory Council. Ministry of Commerce & Industry analyzed in depth the pros and cons of the Export Credit Insurance Scheme and a revised draft proposal on the scheme was presented to the Export Advisory Council in 1955.

Shri T T Krishnamachari, Finance Minister in Pandit Nehru’s cabinet appointed a special committee under the Chairmanship of Shri T.C.Kapur to examine the feasibility of setting up an effective organization to provide insurance against export credit risks. The Government accepted the recommendations of Kapur Committee and thus the Export Risk Insurance Corporation (ERIC) was registered on 30th July 1957 in Mumbai as a Private Ltd. Company, entirely state owned, under the Companies Act with an authorized capital of Rs.5 crores and paid up capital of Rs.25 lakhs. Shri Ratilal M Gandhi was the First Chairman and Shri T C Kapur was the First Managing Director of the Corporation. Shri Morarji Desai, Union Commerce Minister inaugurated ERIC and the first Policy was issued on 14th October 1957.

After introduction of insurance covers to banks during the period 1962–64, ERIC’s name was changed to Export Credit & Guarantee Corporation Ltd in 1964.

The above name was changed to Export Credit Guarantee Corporation of India Ltd. in the year 1983. Subsequently, in August 2014, it was renamed as ECGC Ltd.