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

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

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

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

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

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

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