Now, Indian Bank can issue guarantee in a matter of minutes
In collaboration with National E-Governance Services Limited (NeSL), electronic bank guarantee (e-BG) service has been introduced to reduce traditional paper-based processes.
These new services were launched by SL Jain, MD-CEO here in the presence of executive directors of the Bank, Imran Amin Siddiqui, Mahesh Kumar Bajaj and Ashutosh Choudhury
CHENNAI: Indian Bank launched new digital services under its ongoing digital transformation initiative ‘Project WAVE.’ These new services were launched by SL Jain, MD-CEO here in the presence of executive directors of the Bank, Imran Amin Siddiqui, Mahesh Kumar Bajaj and Ashutosh Choudhury, along with other senior officials of the Bank. In collaboration with National E-Governance Services Limited (NeSL), electronic bank guarantee (e-BG) service has been introduced to reduce traditional paper-based processes.
This will shorten the turn-around time of the BG issuance and delivery to the beneficiary from an industry average of 3-4 working days to a few minutes. Moreover, it replaces the need for physical stamp paper and physical signatures with digital stamping and e-signing and making the whole process entirely digital. Customers who regularly file GST can avail 25% of the annual turnover, as an overdraft cash credit facility without additional collateral security under IND GST Advantage scheme, as per a release. The Bank also rolled out facility to avail pre-approved business loan, an end to end digital journey, for eligible individuals and proprietor firms to cater to their business needs. The newly-launched digital vehicle loan product enables individual customers of the Bank to get loan value upto Rs 25 lakh.
