e-BG
Overview
IDBI Bank in partnership with National e-Governance Services Ltd (NeSL) provides facility of issuing Electronic Bank Guarantee (e-BG) for its Retail and Corporate Banking customers. e-BG is the digital process of issuing a guarantee to a lender. e-BG replaces paper based BG issuance process with digital process by issuing BG on the NeSL portal through an API-based digital workflow with e-stamping and e-signatures. With secured transmission and enhanced transparency, the initiative ensures instant delivery of BG to the beneficiary.
Benefits of e-BG
- Quick, digital and paperless service with Central repository of e-BG on DDE portal of NeSL.
- Instant processing with e-stamping and digital signatures.
- Eliminates physical issuance, stamping, signing and paper based record maintenance.
- API based secured transmission eliminating risk of frauds and tampering.
- No hassles of managing physical inventory of BGs by beneficiary.
- Instant alerts to Beneficiary and applicant on issuance or change of status of e-BG.
- Applicant and beneficiary can instantly view & download e-BG on the NeSL portal.
How to avail the facility?
- Please contact your Relationship Manager to know more about the e-BG facility.
FAQ's
The enabling framework for issuance of electronic e-BG is governed by:
- Insolvency and Bankruptcy Code (2016), the Regulations and Guidelines thereunder
- IT Act 2000 and rules thereunder
- Orders issued by various State governments enabling NeSL to facilitate the process of digital Banking
- Related article codes for digital stamping enabled by the states.
e-BG issued through NeSL covers all lifecycle events of bank guarantee from issuance, amendment, invocation, cancellation, etc.
No. A paper BG will continue to remain so unless cancelled and reissued as e-BG
No. e-BG process flow for amendment, invocations, etc. covers only such BGs which has been issued in electronic mode.
No. Any amendment, invocation, etc. for an e-BG issued in electronic mode should be done only through NeSL platform electronically.
No. For states where stamp paper is available in physical mode, BG will have to be continued to be issued in traditional paper mode outside NeSL system till such time that states transition to e-stamping.
No. NeSL e-BG does not impose any standardized format for the BG document. Beneficiaries and Banks can continue to use their own BG templates.
For more details, refer the website of NeSL at www.nesl.co.in
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