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    HDFC Bank issues India's first Electronic Bank Guarantee

    HDFC Bank, India's largest private sector bank, became the first bank in the country to issue an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL).

    HDFC Bank issues India’s first Electronic Bank Guarantee

    HDFC Bank, India’s largest private sector bank, became the first bank in the country to issue an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL).

    Posted by

    Sumit Arora Published On September 13th, 2022

    HDFC Bank, India’s largest private sector bank, became the first bank in the country 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 e-BG to benefit all its customers.Bank Maha Pack includes Live Batches, Test Series, Video Lectures & eBooks

    Table of Contents

    Key points:

    Paper-based bank guarantees takes 3-5 days to complete the process of physical pick up from the bank, courier to the beneficiary, stamp it and re-verify it. Besides, there was no central repository for bank guarantees until now.

    Bringing inefficiency of time, eBG offers enhanced security. Physical stamping has been eliminated and replaced with eStamping and with eBG, the applicant and beneficiary can instantly view a bank guarantee on the NeSL portal.

    About the e-BG:

    e-BG has been developed in consultation with NeSL, the CVC-CBI committee and IBA to simplify the process and eliminate the possibility of fraud and manipulation. e-BG will be issued on the NeSL portal through an API-based digital workflow. HDFC Bank has been building new competencies through Digital Factory, Enterprise Factory and Enterprise IT to both run and build the Bank. Building new competencies is a key pillar for the bank’s digital strategy.

    Important takeaways for all competitive exams:

    HDFC Bank CEO: Sashidhar Jagdishan;

    HDFC Bank Headquarters: Mumbai;

    HDFC Bank Founded: August 1994, Mumbai.

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    HDFC – first to issue electronic bank guarantee

    The HDFC Bank, the largest private sector bank in India, became the first bank in the country to issue an Electronic Bank Guarantee (e-BG). ContentsKey factsNeSL Key fact

    HDFC – first to issue electronic bank guarantee

    Published: September 13, 2022

    28 Shares

    The HDFC Bank, the largest private sector bank in India, became the first bank in the country to issue an Electronic Bank Guarantee (e-BG).

    Contents [hide] Key facts NeSL

    Key facts

    The HDFC bank recently launched the first-ever Electronic Bank Guarantee (e-BG) in collaboration with the National E-Governance Services Limited (NeSL).

    e-BG removes the need for the paper-based time consuming process, which often takes 3 to 5 days for complete due to the need for physical pick up from the bank, delivery of courier to the beneficiary, stamping and reverification.

    e-BG boosts efficiency and security, while enabling the beneficiary to instantly view a bank guarantee on the NeSL portal.

    The e-BG would be issued on the NeSL portal through an API-based digital workflow.

    Digitisation of the overall bank guarantee process ensures ease of doing business for MSMEs, who are the major applicants for bank guarantees.

    The e-BG was developed in consultation with the NeSL, CVC-CBI committee and Indian Banks’ Association (IBA).

    NeSL

    The National E-Governance Services Limited (NeSL) is India’s first Information Utility. It is registered with the Insolvency and Bankruptcy Board of India (IBBI) under the aegis of the Insolvency and Bankruptcy Code, 2016. It was set up by leading banks and public institutions and is incorporated as a union government company. It serves as a repository of legal evidence having information about debt or claim submitted by the financial or operational creditor and verified by parties to the debt.

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    Month: Current Affairs - September, 2022Category: Banking Current Affairs • Economy & Banking Current Affairs - 2022Topics: HDFC Bank • MSME • National E-Governance Service Limited (NeSL)

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    HDFC Bank issues first Electronic Bank Guarantee in India

    HDFC bank has become India’s first bank to issue an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL). The bank plans to migrate to the e-BG platform completely to expedite the issuance of BGs for the

    HDFC Bank issues first Electronic Bank Guarantee in India

    HDFC bank has become India’s first bank to issue an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL). The bank plans to migrate to the e-BG platform completely to expedite the issuance of BGs for the customers.

    Jagran Josh Updated: Sep 14, 2022 12:46 IST

    HDFC Bank issues first Electronic Bank Guarantee in India

    HDFC bank becomes the first bank in India to issue an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL). e-BG will be issued through an API- based digital workflow on the NeSL portal.

    The group head in operations of HDFC bank said that digitization is an essential enabler for their vision, to be recognized as a Bank that offers a distinctive customer experience. Digitization of issuance of bank guarantees is a transformational step toward increasing the proficiency of doing business for MSMEs who are important applicants for bank guarantees.

    To expedite the issuance of BGs for the customers, HDFC Bank will migrate to the e-BG platform completely.

    What is e-BG?

    Electronic Bank Guarantee eliminates the physical documentation associated with a bank guarantee and it becomes available digitally to the beneficiary.

    e-BG has been introduced in consultation with NeSL, the CVC-CBI committee, and IBA.

    It has been developed to simplify the process and eliminate the possibility of fraud and manipulation.

    A bank can provide bank guarantees to its business customers and their counterparties faster and safely through e-guarantees than traditional paper bank guarantees.

    An e-BG is issued as a PDF file with a secure qualified electronic signature placed by two authorized bank representatives.

    What is the significance of e-BG?

    e-BG offers advanced security, bringing inefficiency of time.

    eStamping has replaced physical stamping and with e-BG, the applicant and beneficiary can immediately view a bank guarantee on the NeSL portal.

    Paper-based bank guarantees take 3-5days for completing the physical pick process from the bank, courier to the beneficiary, stamp it, and re-verify it.

    Before e-BG, there was no central repository for bank guarantees.

    E-guarantees deliver increased safety because the authenticity of electronic signatures can be easily checked.

    HDFC bank’s role in digitization

    Through Digital Factory, Enterprise Factory, and Enterprise IT, HDFC bank has been building new competencies to both run and expand the bank. Developing new competencies is an important element of the bank’s digital strategy. The bank remains committed to designing products to make digital banking simple, secure, and contextual.

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    FAQ

    Which bank has become the first to offer an Electronic bank Guarantee in India?

    HDFC Bank has become the first to offer an electronic bank guarantee in India.

    HDFC Bank has issued e-BG in collaboration with which organization?

    HDFC bank has issued an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL).

    What is e-BG?

    Electronic Bank Guarantee(e-BG) eliminates the physical documentation associated with a bank guarantee and it becomes available digitally to the beneficiary. It simplifies the process and eliminates the possibility of fraud and manipulation.

    What is the significance of e-BG?

    e-BG offers advanced security, bringing inefficiency of time. E-guarantees deliver increased safety because the authenticity of electronic signatures can be easily checked.

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