ICICI Bank announces that it has launched electronic Bank Guarantee (e-BG) facility for its business (SME and MSME) and corporate banking customers. The Bank has developed and offered this API based digital workflow, in partnership with National E-Governance Services Limited (NeSL), which eliminates physical issuance and stamping, re-authentication and paper intensive record maintenance.
The Bank has successfully issued a domestic e-BG on September 5 on behalf of an Indian client.
This digital process will reduce the turn-around-time of the issuance and confirmation of a BG to few hours as compared to the industry average of one/two working days. The steps include text-generation of the BG, e-stamping by NeSL, e-signing and hosting of the final e-BG on the NeSL portal. At the end of the process, the beneficiary can view the final e-BG on the NeSL portal within minutes of the issuance.
Any Current Account holder of ICICI Bank with BG limits can now avail the facility, e-BG
- By connecting with their respective Relationship Manager, or
- Logging into Trade Online, or
- Visiting their nearest Bank branch
Also Read | HDFC Bank issues India’s first Electronic Bank Guarantee
Key benefits:
- Digital processing: Bank has developed API based digital workflow making it seamless and digital. No need for re-authentication of manual signature
- Instant alert: Instant notification will go to both the applicant and beneficiary about the process
- Improves efficiency: There is no physical maintenance of record making it easy to operate and also enhances working capital efficiency of the applicant
- Safe & secure: The secured interface makes it risk-free of fraudulent instruments
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