HDFC Bank, India’s largest private sector bank, became the first bank in the country to issue an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL). The 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 e-BG to benefit all its customers.
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e-BG has been developed in consultation with NeSL, the 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. 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.
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