HSBC Became the First Foreign Bank to Introduce e-BGs in India

Current Context: HSBC India has indeed become the first foreign bank to introduce Electronic Bank Guarantees (e-BGs) in India.

• This move is aimed at digitizing trade and easing the guarantee issuance process digitally with the introduction of e-stamping and e-signing.
• With this new solution, the applicant will be able to instantly view a bank guarantee on the NeSL portal.
• This facility has been made possible through a collaboration with National E-Governance Services Ltd (NeSL), a digital solutions provider.
• This is a significant step towards the digitization of trade finance.

Question:

Q.1 Which foreign bank first introduced Electronic Bank Guarantees (e-BGs) in India?

a. Citibank
b. Standard Chartered
c. HSBC
d. Barclays