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HomeNewsBFSIIndian Bank rolls out electronic bank guarantee (e-BG) service

Indian Bank rolls out electronic bank guarantee (e-BG) service

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By implementing this digital solution, the Indian Bank expects to reduce the turnaround time for issuing and delivering bank guarantees to beneficiaries from an industry average of 3-4 working days to a few minutes.

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has launched new digital services as part of its ongoing digital transformation initiative, “Project WAVE.” In collaboration with the National E-Governance Services Limited (NeSL), the bank has introduced an electronic bank guarantee (e-BG) service.

This initiative aims to streamline and modernise the traditionally paper-based processes involved in bank guarantees. By implementing this digital solution, the bank expects to reduce the turnaround time for issuing and delivering bank guarantees to beneficiaries from an industry average of 3-4 working days to a few minutes.

Additionally, the e-BG service eliminates the need for physical stamp paper and signatures, replacing them with digital stamping and e-signing, thereby ensuring a digital process.

Under the newly launched “IND GST Advantage” scheme, customers who regularly file Goods and Services Tax (GST) can access 25% of their annual turnover as an overdraft cash credit facility without additional collateral security. This move aims to support the financial needs of customers involved in GST filings.

Moreover, Indian Bank has introduced a digital journey for eligible individuals and proprietor firms to access pre-approved business loans. This end-to-end digital process is designed to cater to the specific business needs of these entities, ensuring an efficient experience.

Indian Bank has also launched a digital vehicle loan product, allowing customers to obtain loans for their vehicles through a simplified loan application process. The digital vehicle loan product is available for loan amounts up to Rs. 25 lakhs, providing customers with increased flexibility and convenience.

During the launch event, several other digital products were unveiled, including the Jewel loan-MSME, which offers branch-assisted loans for business needs up to Rs. 35 lakhs, and the Loan against Insurance, which enables customers to obtain loans up to Rs. 10 lakhs against their endowment insurance policies with SBI Life. Additionally, the bank introduced a fully digitalised pre-approved credit card (ETB) application facility for its customers.

Indian Bank has enhanced its chatbot, named “ADYA,” allowing customers to request cheque books directly, adding convenience to the banking experience.

These new services were launched by S L Jain, MD & CEO, Indian Bank at Chennai, in the presence of Executive Directors Imran Amin Siddiqui, Mahesh Kumar Bajaj and Ashutosh Choudhury, along with other senior officials of the Bank.

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Tech Observer Desk
Tech Observer Desk at TechObserver.in is a team of technology reporters led by a senior editor who brings latest updates and developments from the world of technology.
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