HDFC Bank issued India’s first Electronic Bank Guarantee
HDFC Bank has issued an electronic bank guarantee (e-BG) in partnership with National E-Governance Services Ltd (NeSL), becoming the first bank in the country to do so.
• An Electronic Bank Guarantee eliminates the physical documentation usually associated with a bank guarantee, and it becomes available in a digital form to the beneficiary.
➢ The Bank will migrate to e-BG to benefit all its customers.
• Paper-based bank guarantees took 3-5 days to complete the process of physical pick up from the bank, courier to the beneficiary, stamp it, and re-verify it.
