BoB Issues 1,000 e-Bank Guarantees On NeSL Platform
Bank of Baroda (BoB) announced on Wednesday that it has achieved the milestone of issuing 1,000 electronic Bank Guarantees (e-BGs) for trade finance on the National E-Governance Services Ltd (NeSL) platform within the first eight months of the e-BGs launch.
The e-BG system replaces the traditional paper-based process for trade finance, resulting in a significant reduction in the turnaround time for issuing a Bank Guarantee. This transition brings enhanced security, transparency, and accessibility to the process, eliminating the need for physical stamping as NeSL introduces e-stamping.
NeSL, India's first Information Utility, is registered with the Insolvency and Bankruptcy Board of India under the Insolvency and Bankruptcy Code, 2016. It provides a platform for the issuance of inland Bank Guarantees through an electronic mode.
Lalit Tyagi, Executive Director of BoB, emphasised the milestone's importance, stating that it sets a new standard in the industry and facilitates ease of doing business.
Debajyoti Ray Chaudhuri, MD & CEO of NeSL, highlighted that BoB is one of the largest users of NeSL's Digital Document Execution (DDE) platform. The e-BG process by NeSL enables online, real-time, and paperless stamp duty procurement, allowing for the digital issuance of Bank Guarantees in a matter of minutes. The beneficiary gains instant access to the Bank Guarantee on NeSL's e-BG platform in a secure, digital and paperless format.
