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Bank of Baroda (BoB) on Wednesday said it has crossed the milestone of issuing 1,000 electronic Bank Guarantees (e-BGs) for trade finance on the National E-Governance Services Ltd (NeSL) platform within eight months of the launch of e-BGs.
e-BG replaces the traditional paper-based process for trade finance 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, per the bank’s statement. In an e-BG, physical stamping is replaced with e-stamping by NeSL.
NeSL is India’s first Information Utility and is registered with the Insolvency and Bankruptcy Board of India under the aegis of the Insolvency and Bankruptcy Code, 2016. It offers a platform for the issuance of inland BGs through electronic mode.
Lalit Tyagi, Executive Director, BoB, said that crossing the 1,000 e-BGs, which facilitate ease of doing business, milestone is a significant accomplishment, setting a new standard in the industry.
Debajyoti Ray Chaudhuri, MD & CEO of NeSL, said that BoB is among the largest users of NeSL’s Digital Document Execution (DDE) platform.
“NeSL’s e-BG envisages online, real-time, and paperless procurement of stamp duty, allowing the e-BG to be digitally issued 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,” he said.
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