Punjab & Sind Bank launches e-Bank Guarantee facility

New Delhi: State-owned Punjab & Sind Bank on Friday said it has launched e-Bank Guarantee (e-BG) facility in partnership with National e-Governance Services Ltd (NeSL) that replaces the paper-based BG issuance process with e-stamping and e-signatures.

With the secured transmission and enhanced transparency, beneficiaries will save efforts and time in the verification of physical BGs.

"It is a matter of delight to join hands with NeSL for the e-BG facility," Punjab & Sind Bank MD and CEO Swarup Kumar Saha said.

It is a landmark step towards enhancing the ease of business for applicants and beneficiaries, he said, adding that it will not only reduce the TAT (turnaround time) but also be a game changer to curb the frauds and inconvenience caused on the physical movement of documents.