Federal Bank goes live with electronic Bank Guarantee
Federal Bank has gone operational with NeSL for the issuing of an electronic Bank Guarantee facility. With this collaboration, Federal Bank clients may now enjoy a fully digital experience while obtaining a Bank Guarantee. This will eventually replace the existing paper-based technique.
Electronic Bank Guarantee enables the issuing, invocation, alteration, and cancellation of Bank Guarantee in digital form and eliminates the need to print any document/request therefor. It is safe, secure, and quick, making trade/business activities easier. Individuals, sole proprietors, corporations, partnerships, government agencies, people’s associations, and groups of individuals are all eligible to use this service. This is presently only available in states where e-stamping is available.
“In today’s era of instant messaging, there is no reason why a beneficiary of Bank Guarantee or BG should wait for the BG to be delivered through Courier or hand delivery, followed by a tedious process of verifying the authenticity of the same,” said Debajyoti Ray Chaudhuri, MD & CEO of NeSL.
An e-BG issued through NeSL’s e-BG platform is immediately available, and the recipient can access it after completing a simple one-time registration process. Invocation, cancellation, and alteration of e-BGs can also be accomplished digitally.
The NeSL e-BG platform is open 24 hours a day, seven days a week, and we congratulate Federal Bank for issuing its first e-BG on the platform. As the initiative gains traction, it will do wonders to shorten business cycles and make doing business in the nation easier.
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“In the continuing tradition of the Bank’s mantra of ‘digital at the fore, human at the core,’ we are proud to have gone live with e-Bank Guarantee in association with NeSL,” said Shalini Warrier, ED of Federal Bank. We applaud NeSL for launching this project, and we are thrilled to be one of the few banks to provide it.”