The public sector Indian Overseas Bank announced on Wednesday the introduction of an e-BG (Electronic Bank Guarantee) scheme in collaboration with the National e-Governance Services Ltd.
The e-BG is an instrument issued by a city-based bank in which the bank agrees to guarantee a particular sum in the event that the applicant fails to fulfil an action/performance.
The e-key BG’s characteristics are its paperless mode, digital stamping, and digital signature. The bank stated that real-time issuance of e-BG will make it instantaneously available to the beneficiary, saving time and thereby expediting all business purposes for which it is granted.
“Our bank is one of the pioneer in launching the Bank Guarantee through digital mode. As on date only few banks have the facility of issuance of e-BG,” Indian Overseas Bank said in a statement here.
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According to the bank, the electronic-bank guarantee scheme was created and executed in order to meet the vision goal statement 2021-2026 of providing optimal banking solutions through digital experience for client delight.
