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    which bank recently became the first bank in india to issue an electronic bank guarantee?

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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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    स्रोत : currentaffairs.adda247.com

    HDFC – first to issue electronic bank guarantee

    In collaboration with NeSL (National E-Governance Services Limited), HDFC Bank has become India's first institution to offer an e-BG (Electronic Bank Guarantee). Read the full article for more information.

    HDFC – first to issue electronic bank guarantee

    In partnership with National E-Government Services Limited, HDFC Bank provided the country's first e-BG (electronic bank guarantee)...

    In partnership with National E-Government Services Limited, HDFC Bank provided the country’s first e-BG (electronic bank guarantee) (NeSL). It has taken this action first in the nation among banks. Partnership with NeSL, the CVC-CBI group, and IBA led to the creation of the e-BG (Electronic Bank Guarantee). The NeSL portal will issue e-BG via a digital strategy based on APIs. The HDFC Bank will fully transition to the e-BG framework for the convenience of the ordinary public.

    It was established in Aug 1994, and its main office is in Mumbai. By revenues, it is the most prominent Indian private sector bank. According to market capitalisation on the Indian stock exchanges, it is the three firms. Additionally, it is among the largest employers in India.

    Table of Contents

    What is e-BG? Purpose of e-BG

    HDFC Bank releases India’s first e-BG

    The role of HDFC Bank in digitisation

    MSMEs Receives Electronic Bank Guarantee From HDFC

    Key takeaways

    It provides more safety, reduced costs because there are no shipping fees, and faster-guaranteed delivery.

    Paper bank pledges must be physically picked up from the bank, sent by messenger to the beneficiaries, stamped, and then re-verified. This process takes between three and five days. The process will go more quickly with an electronic bank guarantee.

    Improve the process and eliminate the possibility of forgery and deception.

    The online bank guarantee will enable the receiver or applicant to review a bank guarantee on the NeSL platform and immediately check a bank guarantee on the NeSL platform.

    An electronic bank guarantee, or e-BG, eliminates the need for tangible papers and allows the recipient to obtain the e-BG in digital form.

    For MSMEs who regularly seek credit facilities will make doing business easier.

    What is e-BG?

    An electronic bank assurance replaces the conventional paperwork typically connected with a security deposit and makes it accessible to the beneficiary online. In discussion with the nest, the CVC-CBI committee, and IBA, e-bg was proposed. It was created to simplify the approach and take away the chance of fraud or fraud.

    Through e-guarantees, a bank can offer to issue banks to its commercial clients and their counterparties with more convenience and security than traditional paper credit facilities. A secure certified digital message is placed on an e-bg by two authorised bank officials and is supplied as a pdf file.

    Purpose of e-BG

    Advanced security is provided by e-bg, albeit at the cost of time efficiency.

    With e-bg, the applicants and beneficiaries can view a letter of guarantee right away on the nest website because stamping has replaced the physical stamping process.

    Paper-based bank assurances must be physically scooped up from the bank, delivered to the beneficiary, stamped, and re-verified within three to five days.

    There wasn’t any standard archive for credit facilities before e-bg.

    Since verifying the legitimacy of electronic documents is simple, e-guarantees offer improved security.

    HDFC Bank releases India’s first e-BG

    In association with NeSL (National E-Governance Services Limited), HDFC Bank, India’s largest private sector financial institution, became the first financial institution in the country to submit an Electronic Bank Guarantee (e-BG) (NeSL). The new digital bank guarantees that can be issued, certified, validated, and sent quickly with added protection have eliminated the paper-based, time-consuming process. This is a massive change, and the financial institution will switch to e-BG to understand all of its potentials.

    “Digitization is a vital part of our inventive and visionary, to be regarded as a Bank that gives a particular customer experience,” said Bhavesh Zaveri, Group Head – Operations, HDFC Bank. We remain dedicated to developing services that make mobile financials simple, relevant, and secure. A significant step toward enhancing business ease for MSMEs, who are prime candidates for bank guarantees, is the digitisation of the issue of BG. To speed up the case of BGs for our possibilities, HDFC Bank will fully move to the eBG platform.

    “An Electronic Bank Guarantee eliminates the physical collateral frequently associated with a bank guarantee, and the e-BG becomes available in electronic information to the recipient,” stated Debajyoti Ray Chaudhuri, MD & CEO of NeSL. It was a delight to collaborate with HDFC Bank to execute the eBG. We are delighted that HDFC Bank became the first commercial bank to submit an eBG using the NeSL automated stamping DDE framework.

    Role of HDFC Bank in Digitisation

    To manage and grow the bank, HDFC Bank has developed new competencies through digital factories, corporate factories, and enterprise IT. The bank’s digital strategy includes the creation of new competencies as a critical component. The bank is still committed to developing tools that make digital banking easy, accessible, and relevant.

    स्रोत : unacademy.com

    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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