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HDFC Issues India's First e-BG

Published on September 13, 2022
Current Context: HDFC Bank, in partnership with National e-Governance Services Ltd. (NeSL), issued India's first Electronic Bank Guarantee (e-BG).
HDFC Issues India's First e-BG
  • The e-BG has been developed in consultation with NeSL, the Central Vigilance Commission-Central Bureau of Investigation (CVC-CBI) committee, and the Indian Banks' Association (IBA).
  • The main objective behind the issuance of e-BG is to simplify the lengthy paper-based process and eliminate the possibility of fraud and manipulation.
  • The paper-based process which took 3-5 days for completion has been done away with and the newly introduced electronic process does it instantly.
  • NeSL was established in Bangaluru in 2016 by leading banks and public institutions and is registered with the Insolvency and Bankruptcy Board of India (IBBI) under the Insolvency and Bankruptcy Code, 2016 (IBC). The current CEO of the company is Debajyoti Ray Chaudhuri.
  • HDFC Bank Limited is the country's largest private sector bank which was set up in 1994 with its headquarters in Mumbai. The current CEO of the bank is Sashidhar Jagdishan.

Question:

Q.1 India's first Electronic Bank Guarantee (e-BG) is issued by?
a. HDFC
b. ICICI
c. SBI
d. PNB
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