The cash will be handled by Exim Bank, according to the PTI news agency, in a bid to help the country’s struggling shipyard sector.

"We are planning to open a dedicated shipping fund within Exim Bank. It is a proposal at an advanced stage," Exim Bank chairman and managing director Yaduvendra Mathur told reporters.

The fund will be for financing the construction, refitting and repair of ships, Mathur said on the sidelines of the Asian Exim Banks Forum in Jodhpur.

The