Punjab & Sind Bank introduces e-Bank Guarantee (e-BG) facility in partnership with NeSL, replacing paper-based BGs with e-stamping and e-signatures. This digital initiative aims to enhance transparency and streamline the verification process for beneficiaries.
New Delhi, Nov 1 (PTI) State-owned Punjab & Sind Bank on Friday said it has launched e-Bank Guarantee (e-BG) facility in partnership with National e-Governance Services Ltd (NeSL) that replaces the paper-based BG issuance process with e-stamping and e-signatures.
With the secured transmission and enhanced transparency, beneficiaries will save efforts and time in the verification of physical BGs.
"It is a matter of delight to join hands with NeSL for the e-BG facility," Punjab & Sind Bank MD and CEO Swarup Kumar Saha said.
It is a landmark step towards enhancing the ease of business for applicants and beneficiaries, he said, adding that it will not only reduce the TAT (turnaround time) but also be a game changer to curb the frauds and inconvenience caused on the physical movement of documents.
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