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Canara Bank Issues Electronic Bank Guarantee in Partnership with NeSL

Canara Banks steps into digital banking on its 117th Founder’s Day with the issuance of an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Service Limited (NeSL). The Canara Bank will now offer an API-based digital workflow of Bank guarantees which will eliminate physical insurance, stamping, verification, and paper-based record maintenance.

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Canara Bank Issues Electronic Bank Guarantee in Partnership with NeSL- Key Points

  • The platform will offer several advantages such as greater transparency, better monitoring systems, and secured transmission of Bank Guarantees to beneficiaries.
  • Canara Bank General Manager Mahesh M Pai informed that achieving the milestone of being the first public sector to roll out an electronic bank guarantee is a proud moment.
  • Canara Bank launched Canara ail, a Mobile banking super app with more than 250 features.
  • The futuristic vision of “One Bank, One App” was the aim for creating the bank Mobile app.
  • It was also ranked 1st under the Digital Payment performance on 31st March 2022 by the Ministry of Electronics & Information Technology.

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