Indian Bank Introduces Digital Services Under 'Project WAVE' Initiative
Indian Bank has announced the launch of new digital services as part of its Project WAVE initiative, aimed at transforming the banking experience for its customers. Collaborating with National E-Governance Services Ltd, the bank has introduced an electronic bank guarantee (e-BG) service to simplify traditional paper-based processes. This move is expected to significantly reduce the turnaround time for issuing and delivering bank guarantees from the industry average of 3-4 working days to just a few minutes, according to a statement by the bank.
In addition to expediting the process, the e-BG service eliminates the need for physical stamp paper and manual customer signatures. It replaces these requirements with digital stamping and e-signing, making the entire process seamless and fully digital. By embracing these advancements, Indian Bank aims to enhance operational efficiency and provide a more convenient and efficient banking experience to its customers.
Furthermore, the bank has introduced a facility for pre-approved business loans, offering eligible individuals and proprietor firms an end-to-end digital journey to meet their business needs. This streamlined process simplifies the loan application and approval process, providing quick access to funding for eligible borrowers. The bank has also launched a digital vehicle loan product, enabling individual customers to obtain hassle-free loans for their dream vehicles, with a loan value of up to Rs 25 lakh.
The digital services were officially launched by S L Jain, the Managing Director and CEO of Indian Bank, at an event held in Chennai. Senior executives and officials were present at the launch, demonstrating the bank's commitment to embracing digital transformation and delivering innovative solutions to its customers. With these digital initiatives, Indian Bank aims to use technology to enhance customer satisfaction, improve efficiency, and remain at the forefront of digital banking in India.
