State Bank of India (SBI) has launched e-Bank Guarantee (e-BG) facility in association with National e-Governance Services Limited (NeSL). India’s largest lender said this facility will bring about a revolutionary change in the banking ecosystem, where bank guarantee is frequently used in large volumes. By using the NeSL’s platform, the bank customers and other beneficiaries will instantly get an e-Bank Guarantee without additional verification.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
NeSL’s Digital Document Execution (DDE) platform, which provides e-Stamp and e-Sign functions, will facilitate the e-Bank Guarantee process. Beneficiaries will instantly receive an e-Bank Guarantee on NeSL’s platform without further verification. Currently, the bank issues these guarantees with physical stamping and wet signatures. The introduction of e-BG will replace this function with e-stamping and e-signature.
According to NeSL, an Electronic Bank Guarantee (e-BG) eliminates the physical documentation usually associated with issuance of BG. It reduces the turn-around time of the BG issuance and delivery to the beneficiary from an industry average of 3-4 working days to a few minutes. The digital steps in an e-BG include BG application, preview and confirm, paperless e-stamping, e-signing, hosting of the final electronic BG on the NeSL portal and intimation of final BG to the beneficiary. The beneficiary can view the final digital BG on the NeSL portal immediately on issuance. Such an e-BG eliminates the need for a separate authentication from the BG issuing Bank.
Important takeaways for all competitive exams:
As travelers seek inspiration for their next adventure, the world offers a plethora of stunning…
Himachal Pradesh, nestled in the lap of the majestic Himalayas, is a paradise for nature…
The Defence Research and Development Organisation (DRDO) has achieved a significant milestone in enhancing India's…
Zimbabwe has launched a new currency called the ZiG (short for Zimbabwe Gold) in an…
The Uttarakhand government has suspended the manufacturing licenses of 14 products from Patanjali Ayurved, founded…
The Reserve Bank of India (RBI) has revoked the license of Acemoney (India) Limited, a…