e-BG – Indian Bank has released new digital services as part of its ongoing “Project WAVE” digital transformation project. Shri S.L Jain, MD & CEO, introduced these new services in Chennai, in the presence of Executive Directors of the Bank, Shri Imran Amin Siddiqui, Shri Mahesh Kumar Bajaj, and Shri Ashutosh Choudhury, as well as other Senior Officials of the Bank.
Electronic bank guarantee (e-BG) service has been launched in partnership with National E-Governance Services Limited (NeSL) to decrease traditional paper-based processes.
This reduces the time it takes to issue the BG and deliver it to the beneficiary from an industry average of 3-4 working days to a few minutes. Furthermore, it eliminates the need for real stamp paper and physical signatures in favour of digital stamping and e-signing, making the entire process digital.
Customers who submit GST on a regular basis can obtain 25% of their annual turnover as an overdraft cash credit facility with no additional collateral security under the IND GST Advantage plan. The bank has launched the Pre-Approved Business Loan, an end-to-end digital journey for qualifying individuals and small enterprises to meet their business needs.