The e-Bank Guarantee (e-BG) option was made possible through a partnership between the government’s electronic service provider, National e-Governance Services Limited (NeSL), and India’s largest bank, State Bank of India. With the introduction of e-BG, time stamps and signatures will be replaced by electronic means.
The SBI said in a statement that this new facility will revolutionize the banking industry as a whole, especially in countries where bank guarantees are used a lot. The bank is now issuing these assurances with real stamps and wet signatures.
The new e-Bank Guarantee facility’s process will be simplified by NeSL’s Digital Document Execution (DDE) technology, which includes e-Stamp and e-Sign capabilities.
Which benefits will the bank’s clients receive?
Using the NeSL portal, beneficiaries and customers of participating banks can obtain an e-Bank Guarantee immediately without the need for additional documentation. The SBI added that they are doing this in order to cut processing times from days to minutes and increase openness.
“It gives us immense pleasure to join hands with NeSL to facilitate the e-BG service,” SBI Chairman Dinesh Kumar Khara told Live Mint. The Electronic Bank Guarantee (e-BG) is a significant step forward that will speed up the Bank Guarantee life cycle. The initiative is in line with SBI’s commitment to promoting banking services that are long-lasting and easy to use.
The State Bank of India (SBI) made the announcement on Wednesday that Shri Challa Sreenivasulu Setty’s term as MD of the State Bank of India had been extended by two years to January 20, 2023, or until further instructions were given.
