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Electronic Bank Guarantee Platform

Published on November 25, 2022
Current Context: Canara Bank launched the Electronic Bank Guarantee (e-BG) platform in collaboration with the National e-Governance Services Limited (NeSL).
Electronic Bank Guarantee Platform
  • The Electronic Bank Guarantee (e-BG) was launched on the 117th Foundation Day of the Canara Bank.
  • The e-BG platform will provide greater transparency, secured transaction, and better trigger monitoring, leading to higher compliance.
  • In addition, the platform will also provide an API-based digital workflow of bank guarantee that will eliminate physical issuance, verification, stamping, and paper-based record maintenance.
  • At the launching event, the bank said that the e-BG platform will pave the way for integrating the Environment and Social Governance (ESG) framework into business.
  • Canara Bank is a financial services company established in 1906 with its headquarters in Bengaluru. The current MD & CEO of the bank is LV Prabhakar.

Question:

Q.1 Which of the following bank launched the Electronic Bank Guarantee (e-BG) platform in collaboration with the National e-Governance Services Limited (NeSL)?
a. HDFC
b. IDFC First
c. ICICI
d. Canara
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