Federal Bank has gone live with NeSL for the issuance of electronic Bank Guarantee facility. With this partnership, customers of Federal Bank can now avail of a complete digital experience while getting a Bank Guarantee. This will, in due course, replace the traditional paper-based process.
Electronic Bank Guarantee facilitates the issuance, invocation, amendment, and cancellation of Bank Guarantee in digital form and removes the need of printing any document/request thereof. It is safe, secure, and fast, facilitating the trade/business activities. Individual, Sole Proprietor, Company, Partnership Firm, Govt. Agencies, Association of People, Body of Individuals are eligible to avail of this facility. This is currently available only in states where e-stamping is available.
Commenting on the partnership, Debajyoti Ray Chaudhuri, MD & CEO of NeSL said, “In today’s era of instant messaging, there is no reason why a beneficiary of Bank Guarantee or BG should wait for the BG to be delivered through Courier or hand delivery, followed by a tedious process of verifying the authenticity of the same. An e-BG issued through NeSL’s e-BG platform becomes instantly available and the beneficiary can access it upon completion of a simple and one-time registration process. Invocation, cancellation, and amendments of e-BGs can also be done seamlessly in a digital mode. NeSL’s e-BG platform is available 24/7 and we congratulate Federal Bank on issuing its first e-BG on the platform. As the movement gathers momentum, it will do wonders to reduce business cycles and facilitate ease of doing business in the country.
Shalini Warrier, ED of Federal Bank stated, “In the continuing tradition of the Bank’s mantra of ‘digital at the fore, human at the core’, we are proud to have gone live with e-Bank Guarantee in association with NeSL. We thank NeSL for pioneering this initiative & we are truly delighted to be one of the few Banks offering this feature.”
Benefits of e-BG for the Bank and its customers include saving time, faster way of communication, removing opportunities for fraud, ensuring correct payment of stamp duty, and reducing the cost of storage and retrieval.
Federal Bank aims to lead the way in providing a complete digital experience to its customers and this partnership with NeSL is another step in that direction.