Bank of Baroda launches Electronic Bank Guarantee

Tags: Economy/Finance National News

Bank-of-BarodaBank of Baroda partnered with National e-Governance Services Limited (NESL) to launch the Electronic Bank Guarantee (BG) system on digital platforms.

An Overview of the News

  • It aims to significantly reduce the turnaround time for issuance of electronic bank guarantees as compared to the traditional paper-based process.

  • The electronic bank guarantee system is accessible through Baroda INSTA, the digital platform of Bank of Baroda.

  • The digital approach enhances convenience, security and efficiency in the issuance of inland bank guarantees.

  • The system reduces manual paperwork, streamlines processes and promotes digital transformation in the banking sector.

About Bank of Baroda (BoB)

  • It is an Indian public sector bank headquartered in Vadodara, Gujarat.

  • It is the second largest public sector bank in India after State Bank of India and has a global presence with over 100 overseas offices.

  • The bank was established on 20 July 1908 by Sayajirao Gaekwad III, the Maharaja of Baroda.

  • On 19 July 1969, the Government of India nationalised Bank of Baroda along with 13 other major commercial banks.

  • After nationalisation, the bank became a profit making Public Sector Undertaking (PSU).

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