NE BUSINESS BUREAU
CHENNAI, NOV 6
To mark its 120th year of banking services, oldest private sector lender City Union Bank (CUB) recently launched e-BG (Electronic Bank Guarantee) in collaboration with National E-governance Services Limited (NeSL), the Central Repository for e-BG, says a bank release.
Incidentally, the e-BG went live with pride, as the bank stepped into the 120th year on 31st October 2023.
It is an additional digitization initiative apart from the series of Digital Banking solutions that has been added to our banking platform such as AI based Digital lending for two retail products & MSME loans, Voice Biometric authentication, UPI ATM, WhatsApp Banking solutions, Metro access through Keychain and CUB watch and many more.
Advantages of an e-BG facility
The e-BG replaces the traditional approach of physical stamping with a paperless, digital process through E-stamping and E-signatures which reduces the turnaround time, speed up process and is environment friendly. The issuance of e-BG which is recognised and has been accepted as a bid security and as well as performance security.
NeSL is a Union Government company, registered with the Insolvency and Bankruptcy Board of India (IBBI) under the aegis of the Insolvency and Bankruptcy Code, 2016 (IBC). The company has been set up by leading banks and public institutions.
