RBL Bank launched Electronic Bank Guarantee (e-BG), marking a significant step forward in the digital revolution of trade finance. The e-BG product extends NeSL’s framework by combining their expertise in e-Stamping and e-Sign. This connection replaces the traditional physical signing and stamping operations with a safe and efficient digital format.
RBL Bank customers can easily obtain e-BGs through different channels across the bank’s digital platforms and branch network thanks to the sophisticated offering. This solution, developed in collaboration with NeSL and leveraging RBL Bank’s solid IT infrastructure, delivers an integrated platform that strengthens authentication, improves security, and decreases fraud susceptibility. This accomplishment is consistent with RBL Bank’s strategy focus on trade financing, and it marks a watershed moment in the bank’s digital path.
Rajesh Lahori, Head – Transaction Banking, RBL Bank, said, “The e-BG offering is a significant stride in our journey within the digital world. Strengthening our capacity to structure solutions, the swift and completely paperless multi-channel issuance model improves the TAT and offers an enhanced value proposition for RBL Bank’s client base.”
Debajyoti Ray Chaudhuri, MD & CEO of NeSL, said, “NeSL’s e-BG substantially transforms the trade finance space and marks a milestone in the digitization of the banking services. e-BG envisages online and paperless procurement of stamp duty and thus the e-BG can be issued digitally in a couple of minutes and is made available to beneficiary instantly in a secure, digital and paperless form. In an era of digitization, it is only natural that the Banks move towards digitization of their trade finance. I appreciate the efforts put in by RBL Bank’s team on implementation of this project.
Commenting on the service, Rajeev Mishra, Chief Financial Officer, H G Infra Engineering Limited, said, “The electronic Bank Guarantee offering is extremely important for our industry. This solution will allow companies like us to get faster issuances and confirmation of bank guarantees while reducing the risk and operational challenges currently faced in paper guarantees. This will bring better turnaround time in the financial ecosystem.”
