Punjab & Sind Bank (PSB) has introduced an e-Bank Guarantee (e-BG) facility in collaboration with National e-Governance Services Limited (NeSL), transforming its traditional paper-based bank guarantee issuance into a streamlined digital process.
The initiative is designed to enhance security and transparency while saving time and effort for beneficiaries by eliminating the need for physical verification of bank guarantees.
Swarup Kumar Saha, Managing Director (MD) and Chief Executive Officer (CEO), Punjab & Sind Bank, emphasised the significance of this advancement, stating, “It is a matter of delight to join hands with NeSL for the e-BG facility.”
Saha added that this initiative would not only reduce the turn-around time, but also curb fraud risks and the inconvenience associated with the physical movement of documents.
Debajyoti Ray Chaudhuri, MD and CEO, NeSL, highlighted the benefits of the e-BG facility, noting, “NeSL’s e-BG is paperless and available in digital form to registered beneficiaries on the NeSL portal. The registration process is simple and one-time.”
This move aligns with PSB’s commitment to enhance ease of business, offering a modern, efficient and secure solution for e-bank guarantee.
