Kashmir News Trust #KNT
HDFC Bank became the first bank to issue an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL). The paper-based, time-consuming process has been eliminated with the new electronic bank guarantees that can be processed, stamped, verified, and delivered instantly with enhanced security. This is a transformational change, and the Bank will migrate to eBG to benefit all its customers.
Paper-based bank guarantees take 3-5 days to complete the process of physical pick up from the bank, courier to the beneficiary, stamp it, and re-verify it.
Bhavesh Zaveri, Group Head – Operations, HDFC Bank said on this occasion, “Digitization is an important enabler for our vision, to be recognized as a Bank which offers a distinctive customer experience. We remain committed to designing products that make digital banking simple, contextual, and highly secure. Digitisation of issuance of BG is a transformational step towards increasing the ease of doing business for MSMEs who are major applicants for bank guarantees. HDFC Bank will migrate to eBG platform completely in order to expedite the issuance of BGs for our customers.”
Debajyoti Ray Chaudhuri, MD & CEO of NeSL said, “An Electronic Bank Guarantee or eBG eliminates the physical documentation usually associated with a bank guarantee, and the eBG becomes available in a digital form to the beneficiary. It was a pleasure to be associated with HDFC Bank in implementing eBG and we are extremely happy that HDFC Bank became the first bank to issue such an eBG using the NeSL paperless eStamping DDE platform.”