- This partnership aims to digitize trade and eliminate the paper-based issuance of Bank Guarantees.
- The digitization process includes issuance, amendment, closure, digital stamping, and signing, which significantly reduces the Guarantee turnaround time (TAT) to a few hours compared to 2-3 working days for the paper-based process.
- The e-BG also mitigates authentication risks.
- Paritosh Kashyap, President & Head Wholesale Banking, Kotak Mahindra Bank, and Debajyoti Ray Chaudhuri, MD & CEO, NeSL, exchanged a Memorandum of Understanding (MOU).
- They believe that e-BG brings a paradigm shift in the way we do trade finance and is a milestone in the digitization of banking services.
- With the help of NeSL- Digital Documents Execution (DDE) technology, the beneficiary can view digitally issued bank guarantees on the NeSL portal in real-time.
Question:
Q.1 Who has Kotak Mahindra Bank Limited partnered with to issue its first electronic Bank Guarantee (e-BG)?a. Reserve Bank of India
b. National E-Governance Services Limited
c. State Bank of India
d. HDFC Bank