Public sector Indian Overseas Bank has launched the facility of issuance of e-BG (Electronic Bank Guarantee) scheme in association with the National e-Governance Services Ltd. The e-BG is an instrument issued by the city-headquartered bank in which the bank undertakes to guarantee a specific amount against the non-fulfillment of some action/performance of the applicant.
Indian Overseas Bank Launched Electronic Bank Guarantee Scheme- Key Points
- The main features of the e-BG are completely paperless mode with digital stamping and digital signature.
- Real-time issuance of e-BG would make it available for the beneficiary instantly leading to timesaving which in turn would fast-track all the business purposes for which it is issued.
- The Indian Overseas bank is one of the pioneers in launching the Bank Guarantee through digital mode. As o,f date only a few banks have the facility of issuance of e-BG.
- Following the path to achieving the vision mission statement 2021-2026 to provide the best banking solutions through digital experience for customer delight.
- The bank has introduced and implemented the electronic-bank guarantee scheme.
About Indian Overseas Bank
Indian Overseas Bank (IOB) is an Indian public sector bank based in Chennai. It has about 3,214 domestic branches, about 4 foreign branches, and a representative office. The bank was founded in February 1937 by M. Ct. M. Chidambaram Chettyar with twin objectives of specializing in foreign exchange business and overseas banking, it has created various milestones in Indian Banking Sector.