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e-Bank Guarantee offers e-Stamp and e-Sign features, reduces time in Bank Guarantee life cycle

e-Bank Guarantee service: India is completely ushering in digital age and with this change the State Bank of India, the country’s largest lender, unveiled an e-Bank Guarantee (e-BG) service on Thursday in collaboration with National e-Governance Services Limited (NeSL). This function will be replaced by e-stamping and e-signature with the introduction of e-BG.

In a statement, the State Bank of India stated that this service will bring about a revolutionary transformation in the financial sector, where bank guarantees are routinely used in huge quantities. The bank currently issues these assurances with physical stamping and wet signatures.

NeSL’s Digital Document Execution (DDE) technology, which includes e-Stamp and e-Sign features, will make the e-Bank Guarantee procedure easier with the new capability.

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e-Bank Guarantee service: How will bank customers benefit?

Bank customers and other recipients will receive an e-Bank Guarantee without further verification by using the NeSL platform.

The SBI went on to say that it took this step to increase transparency and shorten turnaround time from days to minutes.

“It gives us enormous pleasure to join together with NeSL to ease the e-BG service,” Dinesh Kumar Khara, Chairman of SBI, told Live Mint. SBI has always been a pioneer in providing cutting-edge digital options to its consumers in order to make banking services more convenient. Electronic Bank Guarantee (e-BG) is a significant step forward in this path that will shorten the Bank Guarantee life cycle. The programme complements SBI’s commitment to providing sustainable and user-friendly financial services.”

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The SBI announced on Wednesday that the Central Government has extended Shri Challa Sreenivasulu Setty’s tenure as Managing Director of the State Bank of India for two years, effective January 20, 2023, or until further orders, whichever is later.

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