Punjab & Sind Bank launches e-Bank Guarantee facility

Current Context: On November 3, 2024, Punjab & Sind Bank (PSB) launched an e-Bank Guarantee (e-BG) facility in partnership with National e-Governance Services Ltd (NeSL).

• This new system replaces traditional paper-based bank guarantees with e-stamping and e-signatures, enhancing security, transparency, and efficiency.
• The initiative aims to reduce fraud, save time, and improve the ease of business for applicants and beneficiaries.
• Swarup Kumar Saha, MD & CEO of Punjab & Sind Bank, expressed delight in joining hands with NeSL for this facility, highlighting its potential to curb frauds and reduce turnaround time.

Question:

1 Which organization has Punjab & Sind Bank partnered with to launch the e-Bank Guarantee (e-BG) facility?

• A) RBI
• B) Ministry of Finance
• C) National e-Governance Services Ltd (NeSL)
• D) SEBI

Answer: C) On November 3, 2024, Punjab & Sind Bank (PSB) launched an e-Bank Guarantee (e-BG) facility in partnership with National e-Governance Services Ltd (NeSL).