Having introduced issuance of Electronic Bank Guarantee in May 2023, the Bank of Baroda achieved this milestone within 8 months of its launch
FinTech BizNews Service
Mumbai, January 10, 2024: Bank of Baroda (Bank), one of India’s leading public sector banks, has emerged as the fastest in the industry to issue 1,000 Electronic Bank Guarantees (e-BGs) on the National E-Governance Services Limited (NeSL) platform. Having introduced issuance of Electronic Bank Guarantee in May 2023, the Bank achieved this milestone within 8 months of its launch.
Electronic Bank Guarantee replaces the traditional paper-based process and results in substantial reduction in the turnaround time in issuing a BG, while at the same time bringing in enhanced security, transparency and accessibility. The e-BG process is a fully digital journey, streamlining the complete lifecycle of a BG, from issuance to amendment and closure. In an e-BG, physical stamping is replaced by e-stamping by NeSL.
Lalit Tyagi, Executive Director, Bank of Baroda said, "Crossing the 1,000 e-BG milestone is a significant accomplishment, setting a new standard in the industry. Electronic Bank Guarantees benefit all stakeholders, making the entire process more efficient and facilitating the ease of doing business. This achievement underscores our commitment to innovation, aligning with our broader goal of pioneering advancements in the banking sector."
Debajyoti Ray Chaudhuri, MD & CEO of NeSL said, “Bank of Baroda is among the largest users of NeSL’s Digital Document Execution (DDE) platform. I appreciate the efforts put in by the Bank of Baroda Team in implementing e-BG and achieving the landmark of 1000 e-BGs in the shortest possible time. It has also implemented the latest versions of e-BG giving seamless experience to all the users. NeSL’s e-BG envisages online, real time and paperless procurement of stamp duty and thus the e-BG can be issued digitally in a couple of minutes. The beneficiary can instantly access the BG on NeSL’s e-BG platform in a secure, digital, and paperless form. I am sure that the digitization of trade finance will improve the user experience for customers of Bank of Baroda.”
NeSL is India's first Information Utility and is registered with the Insolvency and Bankruptcy Board of India (IBBI) under the aegis of the Insolvency and Bankruptcy Code, 2016 (IBC). NeSL offers a platform for the issuance of Inland BGs through electronic mode.
