BoB achieves 1,000 e-bank guarantees for trade finance

e-Bank Guarantees: public sector lender Bank of Baroda (BoB) has issued 1,000 Electronic Bank Guarantees (e-BGs) on National E-Governance Services Limited (NeSL) platform, since its launch in May last year, according to an official release.

e-BGs aid in replacing tritional paper-based process, resulting in substantial reduction in turnaround time in issuing a BG, Baroda-based bank said. 

Executive Director at Bank of Baroda, Lalit Tyagi, said, "Crossing 1,000 e-BG milestone is a significant accomplishment, setting a new standard in industry. Electronic Bank Guarantees benefit all stakeholders, making entire process more efficient and facilitating ease of doing business. This achievement underscores our commitment to innovation, aligning with our broer goal of pioneering vancements in banking sector."

NeSL is nation's first Information Utility which acts as a platform for issuance of Inland BGs through electronic mode. 

Debajyoti Ray Chaudhuri, MD & CEO of NeSL, said, “Bank of Baroda is among largest users of NeSL’s Digital Document Execution (DDE) platform."

" beneficiary can instantly access BG on NeSL’s e-BG platform in a secure, digital, and paperless form. I am sure that digitization of tre finance will improve user experience for customers of Bank of Baroda," he said.