State Bank of India claimed this tool would revolutionise the financial industry, where bank guarantee is employed extensively.
The biggest bank in India, State Bank of India, collaborated with the government's electronic service provider, National e-Governance Services Limited (NeSL), to provide the e-Bank Guarantee (e-BG) option. The introduction of e-BG will see the transition from manual to electronic signatures and time stamps.
According to a statement released by the SBI, this new facility will have a revolutionary effect on the banking sector as a whole, particularly in countries where bank guarantees are widely employed. These assurances are now issued by the bank with actual stamps and moist signatures.
NeSL's Digital Document Execution (DDE) technology, which includes e-Stamp and e-Sign capabilities, will make the new e-Bank Guarantee facility's process more simpler.
How will the bank's customers benefit?
Customers of participating banks and other beneficiaries may get an e-Bank Guarantee immediately using the NeSL portal, without the need for any extra documentation. The SBI further clarified that they are taking this step to improve openness and cut processing times from days to minutes.
Dinesh Kumar Khara, Chairman of SBI, told Live Mint, “It gives us immense pleasure to join hands with NeSL to facilitate the e-BG service. Electronic Bank Guarantee (e-BG) is an important milestone in this journey that will reduce time in the Bank Guarantee life cycle. The initiative is in tandem with SBI’s commitment to promoting sustainable and user-friendly banking services.”
Also, READ: SBI Internet Banking: Step-by-step guide to recover forgotten username, password
On Wednesday, the SBI announced that Shri Challa Sreenivasulu Setty's tenure as MD of the State Bank of India has been extended by two years, till 20.01.2023, or until further instructions.
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