Amazon Quiz: Which bank recently became the first bank in India to issue an Electronic Bank Guarantee?
Amazon Quiz: Which bank recently became the first bank in India to issue an Electronic Bank Guarantee?
ICICI Bank
Bandhan Bank
Yes Bank
HDFC Bank
Answer: HDFC Bank
HDFC Bank, the largest private sector bank in India, became the first in the country to issue an Electronic Bank Guarantee (e-BG), in partnership with National E-Governance Services Limited (NeSL).
Bhavesh Zaveri, Group Head – Operations for HDFC Bank said, “Digitisation is an important enabler for our vision, to be recognised as a Bank which offers a distinctive customer experience. We remain committed to designing products that make digital banking simple, contextual, and highly secure. Digitisation of issuance of BG is a transformational step towards increasing the ease of doing business for MSMEs who are major applicants for bank guarantees. HDFC Bank will migrate to e-BG platform completely in order to expedite the issuance of BGs for our customers.”
Debajyoti Ray Chaudhuri, MD & CEO of NeSL added, “An Electronic Bank Guarantee or e-BG eliminates the physical documentation usually associated with a bank guarantee, and the e-BG becomes available in a digital form to the beneficiary. It was a pleasure to be associated with HDFC Bank in implementing e-BG and we are extremely happy that HDFC Bank became the first bank to issue such an e-BG using the NeSL paperless eStamping DDE platform”, as per Livemint.
e-BG is a substitute for paper-based guarantees and can be processed, stamped, verified, and delivered instantly, while the latter is more time-consuming. e-BG also adds security and removes the chances of fraud.
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