Punjab & Sind Bank Launches Innovative e-Bank Guarantee Facility

Punjab & Sind Bank has introduced an e-Bank Guarantee facility in collaboration with NeSL, replacing traditional paper processes with electronic methods. This initiative aims to increase efficiency and transparency, reducing both the turnaround time and the risk of fraud associated with physical documents.

State-owned Punjab & Sind Bank announced on Friday the launch of its new e-Bank Guarantee (e-BG) facility, developed in partnership with National e-Governance Services Ltd (NeSL). This move transitions the bank from paper-based BG processes to a digital format involving e-stamping and e-signatures.

The introduction of the e-BG facility is poised to save beneficiaries considerable effort and time by facilitating secured transmission and improved transparency, taking the burden off the cumbersome verification of physical bank guarantees.

Speaking on the launch, Punjab & Sind Bank MD and CEO Swarup Kumar Saha hailed the partnership with NeSL as a significant step in enhancing business operations by not only cutting the turnaround time but also minimizing fraud risks and the inconveniences associated with the physical movement of documents.

(With inputs from agencies.)