Published: January 12, 2023 10:05 PM IST
Mumbai: State Bank of India, country’s largest lender, on Thursday launched e-Bank Guarantee (e-BG) facility by joining hands with National e-Governance Services Limited (NeSL). With the launch of e-BG, this function will be replaced by e-stamping and e-signature.
The SBI in a statement said this facility will bring about a revolutionary change in the banking ecosystem, where bank guarantee is frequently used in large volumes. At present, the bank issues these guarantees with physical stamping and wet signatures.
With the new facility, the e-Bank Guarantee procedure will be made easy by NeSL’s Digital Document Execution (DDE) technology, which offers e-Stamp and e-Sign features.
By using the NeSL’s platform, the bank customers and other beneficiaries will instantly get an e-Bank Guarantee without additional verification.
The SBI further added that it has taken this initiative to enhance transparency and reduce turnaround time from days to minutes.
Giving details to Live Mint, Dinesh Kumar Khara, Chairman, SBI, said, “It gives us immense pleasure to join hands with NeSL to facilitate the e-BG service. SBI has always been the pioneer in providing state-of-the-art digital offerings to its customers to facilitate ease of banking services. 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.”
The SBI had on Wednesday declared that the Central Government has extended the term of office of Shri Challa Sreenivasulu Setty, Managing Director, State Bank of lndia for a period of two years with effect from 20.01.2023, or until further orders, whichever is earlier.
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