IDBI Bank has launched e-Bank Guarantee (e-BG) facility in partnership with National e-Governance Services Ltd (NeSL) that replaces the paper-based BG issuance process with e-stamping and e- signatures. With this, the Bank has achieved another milestone in its endeavor to offer digital and user-friendly services to its customers. IDBI Bank sees this as a transformational change in the business ecosystem where bank guarantees are used in high volumes as the new initiative brings higher transparency and reduces turnaround time from days to minutes. e-BG can be processed with e-stamping and e-signatures and delivered instantly to the beneficiary all in a matter of few minutes. With the secured transmission and enhanced transparency, beneficiaries are saved from efforts and time in the verification of physical BGs.
Commenting on the services, Shri Rakesh Sharma, MD & CEO, IDBI Bank said, “Delivering safer and faster banking services to our customers through digital offerings has always been the principal key driver for major digital initiatives of the Bank. It is a matter of delight to join hands with NeSL for e-BG facility which has addressed the last mile challenge of digitisation of the BG process through e-stamping and e-signature. It is a major step towards increasing ease of business for applicants and beneficiaries alike”.
Shri Debajyoti Ray Chaudhuri, MD & CEO of NeSL said “NeSL’s e-BG is paperless and available in a digital form to the beneficiary of an e-BG on registration on the NeSL’s portal. The process of user registration is simple and time. For bulk users of e-BGs, NeSL also offers integration with the ERP systems through an API. I congratulate the team at IDBI Bank who work tirelessly and in tandem with our team to roll out this product.”