Indian Overseas Bank introduced e-BG scheme with National e-Governance Services

Indian Overseas Bank

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.

Also Read | Indian Overseas Bank Q2 results: 33 per cent YoY growth reported

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.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.