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).
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