Indian Overseas Bank launches electronic bank guarantee scheme

Indian Overseas Bank launches electronic bank guarantee scheme: Public sector Indian Overseas Bank has launched the facility of issuance of e-BG (Electronic Bank Guarantee) scheme in association with the National e-Governance Services Ltd, the bank said on Wednesday.

e-BG: An instrument issued by the bank in which the bank agrees to guarantee a particular sum in the event that the applicant fails to fulfill an action/performance.

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It is a paperless mode with digital stamping and digital signature. Real-time issuance would make it available for the beneficiary instantly.

“Our bank is one of the pioneer in launching the Bank Guarantee through digital mode. As on date only few banks have the facility of issuance of e-BG,” Indian Overseas Bank said in a statement here.

Following the path to achieve vision mission statement 2021-2026 to provide best banking solutions through digital experience for customer delight, the bank has introduced and implemented the electronic-bank guarantee scheme, it said.