Bank of Baroda launches Electronic Bank Guarantee

Tags: Economy/Finance National News

Bank 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).