RBL Bank Launches Electronic Bank Guarantee On NeSL Platform

RBL Bank has launched the electronic bank guarantee, replacing conventional paper-based guarantees and enabling end-to-end digital lifecycle for bank guarantees. The e-BG builds on the framework enabled by National e-Governance Services, incorporating their expertise in e-stamping and e-sign.

e-BG eliminates the traditional physical signing and stamping processes, transitioning into a secure and efficient digital format that reduces the turnaround time for issuance. The digital offering will allow RBL Bank customers to easily request e-BGs through multiple channels across the bank’s digital platforms and branch network.

“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 (turn around time) and offers an enhanced value proposition for RBL Bank’s client base,” said Rajesh Lahori, head of transaction banking at RBL Bank.

RBL said that e-BG will leverage the bank’s technology infrastructure, providing an integrated platform that improves authentication, enhances security and reduces susceptibility to fraud. e-BG aligns with the bank’s focus on digitisation of trade finance.

NeSL Managing Eirector and Chief Executive Officer Debajyoti Ray Chaudhuri said, “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.”

Commenting on the service, Rajeev Mishra, chief financial officer of HG Infra Engineering Ltd., 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.”