RBL Bank today launched Electronic Bank Guarantee (e-BG), signalling a step forward in trade finance digital transformation.
The e-BG product builds on the framework enabled by National E-Governance Services Ltd. (NeSL), incorporating their expertise in e-Stamping and e-Sign. This integration eliminates the traditional physical signing and stamping processes, seamlessly transitioning into a secure and efficient digital format.
The offering empowers RBL Bank customers to effortlessly request e-BGs through multiple channels across the Bank’s digital platforms and branch network.
Collaborating with NeSL, leveraging RBL Bank’s technology infrastructure, this solution provides an integrated platform that fortifies authentication, enhances security and reduces susceptibility to fraud.
This achievement aligns with RBL Bank’s strategic focus on trade finance, marking a pivotal moment in the Bank’s digital journey, a release from the RBL Bank said.
“The e-BG offering is a significant stride in our journey within the digital world. Strengthening our capacity to structure solutions, the swift and completely paperless multi-channel issuance model improves the TAT and offers an enhanced value proposition for RBL Bank’s client base,” Rajesh Lahori, Head – Transaction Banking, RBL Bank, said.
“NeSL’s e-BG substantially transforms the trade finance space and marks a milestone in the digitization of the banking services. e-BG envisages online and paperless procurement of stamp duty and thus the e-BG can be issued digitally in a couple of minutes and is made available to beneficiary instantly in a secure, digital and paperless form,” Debajyoti Ray Chaudhuri, MD & CEO of NeSL, said.
“In an era of digitization, it is only natural that the Banks move towards digitization of their trade finance. I appreciate the efforts put in by RBL Bank’s team on implementation of this project, she added.
Commenting on the service, Rajeev Mishra, Chief Financial Officer, H G Infra Engineering Limited, said, “This solution will allow companies like us to get faster issuances and confirmation of bank guarantees while reducing the risk and operational challenges currently faced in paper guarantees. This will bring better turnaround time in the financial ecosystem.”
