Indian Bank, in partnership with National E-Governance Service Limited (NeSL) , has rolled out e-BG (electronic bank guarantee) services under Project WAVE to reduce the number of old paper-based process, as media reports.
S L Jain, CEO and Managing Director of Indian Bank, has launched the digital service at an event in Chennai.
The e-BG roll out will reduce the turn-around time of the bank issuance and delivery to the beneficiary within few minutes from the 3-4 working days, reports said. In addition, e-BG by Indian Bank would replace physical stamp paper and physical signatures of customers by e-signature and e-stamps.
Besides, Indian Bank has also introduced a new facility under Project WAVE, to ensure fully end-to -end digitally pre-approved business loans, for easy and smooth loan process. To note, the facility is available to process a loan of ₹25 lakh.