Sign In
Learn bits
Science & Tech., Economy
Mahesh

14/09/22 13:45 PM IST

HDFC Bank issues India’s first Electronic Bank Guarantee (e-BG)

In News 
  • 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).
About e-BG 
  • 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.
Source- Live Mint 

More Related Current Affairs View All

05 May

Key objectives of caste count

'The Union Cabinet has decided that the next Census will include questions on caste to its enumeration of India’s population, for the first time in almost a century. ' T

Read More

05 May

2 new genome-edited rice varieties

'Agriculture Minister Shivraj Singh Chouhan recently released two genome-edited varieties of rice, the first achievement of its kind in the country.' These two varieties, which

Read More

05 Mar

First-ever comprehensive survey of India’s river dolphins

'Prime Minister Narendra Modi released the results of the first-ever comprehensive population estimation of riverine dolphins – Gangetic and Indus dolphins – done in In

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps