IOB has launched e-BG facility

In association with National e-Governance Services Limited (NeSL), Indian Overseas Bank (IOB) has launched the facility of issuance of e-BG (Electronic Bank Guarantee). NeSL’s Digital Document Execution (DDE) platform, which provides e-Stamping and e-Sign functions, will facilitate the e-Bank Guarantee process. Beneficiaries will instantly receive an e-Bank Guarantee on NeSL’s platform without further verification.

Bank Guarantee is an instrument issued by the Bank in which the Bank undertakes to guarantee a specific amount against the non-fulfillment of some action/performance of the applicant. The guarantee is issued upon receipt of a request from the ‘applicant’ for some purpose/transaction in favor of a ‘Beneficiary’. e-BG facilities include digital stamping and digital signature, time-saving, easy retrieval and access, cost saving and it cannot be manipulated.