NL Corresspondent
Jammu Tawi: Bank of Baroda (BoB), one of India's leading public sector banks, announced the launch of Electronic Bank Guarantee (e-BG) on its Baroda INSTA platform, in partnership with National E-Governance Services Limited (NeSL), which offers a platform for the issuance of Inland BGs through electronic mode. NeSL is India's first and only Information Utility and is regulated by the Insolvency and Bankruptcy Board of India (IBBI) under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). With this launch, Bank of Baroda joins a select group of banks to issue Electronic Bank Guarantees – a start-to-end digital process across the complete lifecycle of a BG including issuance, amendment and closure resulting in substantial reduction in the turnaround time in issuing a BG, while at the same time bringing in greater security and accessibility.
- N. Suresh, General Manager, Head –Forex & Fee Income, Bank of Baroda said, “Electronic Bank Guarantee is a transformational reform as we endeavour to make banking simpler, more secure and easily accessible for our customers.
Individual contractors, SMEs and large corporates are major applicants for bank guarantees and the move to e-BGs – a quick, seamless, transparent and completely secure process – will benefit them all.”
Debajyoti Ray Chaudhuri, MD & CEO of NeSL said, “Over the past few years, India has built a robust digital infrastructure and this is driving growth across all sectors in the economy.
The banking industry in general and BOB in particular has been at the forefront in making its products and processes available through the digital mode.
NeSL's e-BG meets a long-standing requirement of the banking industry for a digital product that addresses the challenges in the physical process of issuance of e-BGs. We are grateful to the Indian Banks' Association for their support in conceptualising this product and coordinating the numerous consultations with their members till the time the product was ready for launch.”
