Guarantee

IDBI Bank launches e-Bank Guarantee (e-BG) facility in partnership with NeSL

April 3, 2023 TeluguSuperNews Leave a comment

Teligu super news, Hyderabad,April 3,2023:IDBI Bank has launched e-Bank Guarantee (e-BG) facility in partnership with National e-Governance Services Ltd (NeSL) that replaces paper based BG issuance process with e-stamping and e- signatures. With this the Bank has achieved another milestone in its endeavor to offer digital and user friendly services to its customers. IDBI Bank sees this as a transformational change in the business ecosystem where bank guarantees are used in high volumes as the new initiative brings higher transparency and reduces turnaround time from days to minutes. e-BG can be processed with e-stamping and e-signatures and delivered instantly to the beneficiary all in a matter of few minutes. With secured transmission and enhanced transparency, beneficiaries are saved of efforts and time in verification of physical BGs.

Commenting on the services, Shri Rakesh Sharma, MD & CEO, IDBI Bank said, “Delivering safer and faster banking services to our customers through digital offerings has always been the principle key driver for major digital initiatives of the Bank. It is a matter of delight to join hands with NeSL for e-BG facility which has addressed the last mile challenge of digitisation of BG process through e-stamping and e-signature. It is a major step towards increasing ease of business for applicants and beneficiaries alike”.

Shri Debajyoti Ray Chaudhuri, MD & CEO of NeSL said “NeSL’s e-BG is a paperless and available in a digital form to the beneficiary of an e-BG on registration on the NeSL’s portal. The process of user registration is simple and one time. For bulk users of e-BGs, NeSL also offers integration with the ERP systems through an API. I congratulate the team at IDBI Bank who work tirelessly and in tandem with our team to roll out this product.”

HDFC Bank issues India’s first Electronic Bank Guarantee

September 19, 2022 TeluguSuperNews Leave a comment

HDFC Bank, India’s largest private sector bank, on September 4^th, 2022, became the first bank in the country to issue an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL). Paper based, time-consuming process has been eliminated with the new electronic bank guarantees that can be processed, stamped, verified and delivered instantly with enhanced security. This is a transformational change, and the Bank will migrate to eBG to benefit all its customers.

Paper-based bank guarantees takes 3-5 days to complete the process of physical pick up from the bank, courier to the beneficiary, stamp it and re-verify it. Besides there was no central repository for bank guarantees until now. Bringing in efficiency of time, eBG offers enhanced security. Physical stamping has been eliminated and replaced with eStamping and with eBG, the applicant and beneficiary can instantly view a bank guarantee on the NeSL portal.

Mr Bhavesh Zaveri, Group Head – Operations, HDFC Bank said on this occasion, “Digitisation is an important enabler for our vision, to be recognised as a Bank which offers a distinctive customer experience. We remain committed to designing products that make digital banking simple, contextual, and highly secure. Digitisation of issuance of BG is a transformational step towards increasing the ease of doing business for MSMEs who are major applicants for bank guarantees. HDFC Bank will migrate to eBG platform completely in order to expedite the issuance of BGs for our customers.”

e-BG has been developed in consultation with NeSL, CVC-CBI committee and IBA to simplify the process and eliminate the possibility of fraud and manipulation. e-BG will be issued on the NeSL portal through an API-based digital workflow.

Mr Debajyoti Ray Chaudhuri, MD & CEO of NeSL said, “An Electronic Bank Guarantee or eBG eliminates the physical documentation usually associated with a bank guarantee, and the eBG becomes available in a digital form to the beneficiary. It was a pleasure to be associated with HDFC Bank in implementing eBG and we are extremely happy that HDFC Bank became the first bank to issue such an eBG using the NeSL paperless eStamping DDE platform.”

HDFC Bank issues India’s first Electronic Bank Guarantee

HDFC Bank has been building new competencies through Digital Factory, Enterprise Factory and Enterprise IT to both run and build the Bank. Building new competencies is a key pillar for the bank’s digital strategy.