Bank of Baroda launches Electronic Bank Guarantee on its BarodaINSTA Platform

Current Context: Bank of Baroda launching electronic bank guarantee on its digital platform.This is a start-to-end digital process across the complete lifecycle of a bank guarantee (BG) including issuance, amendment and closure resulting in substantial reduction in the turnaround time in issuing a BG, while at the same time bringing in greater security and accessibility.

• The bank has partnered with National E-Governance Services Limited (NeSL), India’s first and only Information Utility regulated by the Insolvency and Bankruptcy Board of India (IBBI) under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).
• This initiative will benefit individual contractors, SMEs and large corporates who are major applicants for bank guarantees.

Question:

Q.1 Which bank has launched electronic bank guarantee on its digital platform?
a. Bank of India
b. Bank of America
c. Bank of Maharashtra
d. Bank of Baroda