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Kochi, March 23, 2023: YES BANK today, announced the issuance of its first Electronic Bank Guarantee (e-BG), in partnership with National E-Governance Services Limited (NeSL). The API integration with the Digital Document Execution (DDE) platform of NeSL has enabled complete digitization of the existing paper-based process for issuance and maintenance of Bank Guarantee (BG).
This digitized process, which includes digital stamping and signing, significantly reduces the issuance turnaround time (TAT) of Bank Guarantee (BG). The NeSL portal will manage the entire lifecycle of the BG including issuance, amendment, invocation and cancellation. This promises to be one of the most significant customer centric digitization initiatives in the trade finance discipline, enabling stakeholders to access the documents from this secure repository.
Speaking on the occasion, Mr. Ajay Rajan, Country Head – Digital and Transaction Banking Group, YES BANK said, “Given our market leadership in the digital payments space, we, at YES BANK aim to be the leaders in the trade finance digitization domain as well. The integration with NeSL is in line with our strong track record of collaborating with public digital utilities like Central Bank Digital Currencies (CBDC), Open Network for Digital Commerce (ONDC), Account Aggregator (AA), and Government e-Marketplaces (GEM), to accelerate digitization and enabling ease of doing business for our Micro, Small & Medium Enterprises (MSME) and corporate customers. The Bank has embarked on this transformational journey to comprehensively digitize the entire BG management process and deliver a superior customer experience, while reducing costs and facilitating secure transactions.”
Mr. Debajyoti Ray Chaudhuri, MD & CEO, NeSL, said, “In today’s era of instant messaging, there is no reason why a beneficiary of a BG should wait for the BG instrument to be delivered through a courier service or hand delivery, followed by a tedious process of verifying the authenticity of the same. An e-BG issued through NeSL’s e-BG platform, becomes instantly available and the beneficiary can access it on completion of a simple and one-time registration process. NeSL’s e-BG platform is available 24/7 and I congratulate YES BANK on issuing its first e-BG on the platform. As the movement gathers momentum, it will do wonders to reducing business cycles and facilitate ease of doing business in the country.”
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