The process of issuing bank guarantees will be replaced by e-stamping and e-signature.
Punjab and Sindh Bank launches e-bank guarantee facility News In Hindi: Public sector Punjab and Sindh Bank in collaboration with National e-Governance Services Limited (NESL) has launched e-bank guarantee (e-BG) facility.
The bank said in a statement on Friday that this facility will replace the process of issuing bank guarantees based on documents with e-stamping and e-signature.
The bank said that with secure transactions and increased transparency, beneficiaries will be able to save effort and time in verifying physical bank guarantees.
Swarup Kumar Saha, Managing Director (MD) and Chief Executive Officer (CEO), Punjab & Sind Bank, said, “The e-BG facility is a historic step towards ease of doing business for applicants and beneficiaries. This will also help in preventing fraud and inconvenience in physical movement of documents.”(pti)
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