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- India’s first Electronic Bank Guarantee (e-BG)
India’s first Electronic Bank Guarantee (e-BG)
HDFC Bank, India’s largest private sector bank, became the first bank in the country to issue an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL).
- e-BG has been developed in consultation with NeSL, CVC-CBI committee and IBA to simplify the process and eliminate the possibility of fraud and manipulation.
- e-BG will be issued on the NeSL portal through an API-based digital workflow.
Earlier Method (Paper Based)
- Paper-based bank guarantees takes 3-5 days to complete the process of physical pick up from the bank, courier to the beneficiary, stamp it and re-verify it. Besides there was no central repository for bank guarantees until now.
New Method (e-BG)
- An Electronic Bank Guarantee or e-BG eliminates the physical documentation usually associated with a bank guarantee, and the e-BG becomes available in a digital form to the beneficiary.
- Bringing in efficiency of time, eBG offers enhanced security. Physical stamping has been eliminated and replaced with eStamping and with eBG, the applicant and beneficiary can instantly view a bank guarantee on the NeSL portal.
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