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Punjab & Sind Bank (PSB), a public sector bank, has launched e-Bank Guarantee (e-BG) facility in partnership with National e-Governance Services Ltd (NeSL). This new facility replaces paper-based BG issuance process with stamping and signatures.
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With secured transmission and enhanced transparency, beneficiaries are saved of efforts and time in verification of physical BGs.
Swarup Kumar Saha, MD & CEO, Punjab & Sind Bank said, “It is a matter of delight to join hands with NeSL for e-BG facility”.
It is a landmark step towards increasing ease of business for applicants and beneficiaries. It will not only reduce the TAT (turnaround time) but also will be a game changer to curb the frauds and inconvenience caused on physical movement of documents, he said.
Debajyoti Ray Chaudhuri, MD & CEO of NeSL said “NeSL’s e-BG is paperless and available in a digital form to the beneficiary of an e-BG on registration on the NeSL’s portal. The process of user registration is simple and one time”.
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