Kotak Mahindra Bank has collaborated with NeSL to issue electronic bank guarantees
Banking & Finance
Kotak Mahindra Bank has announced a new partnership with National e-Governance Services Limited (NESL) to issue Initial Electronic Bank Guarantee (e-BG) through its platform. This collaboration is set to usher in the era of digital trading, which will effectively eliminate the traditional paper-based issuance of bank guarantees. The digital transformation will include processes for issuance, amendment, closure, digital stamping and signing. processes are involved, resulting in a significant reduction in the guaranteed turnaround time (TAT). This new approach enables guarantees to be processed in just a few hours, which is a considerable improvement compared to the two to three working days required by the traditional paper-based method. Additionally, e-BG authentication enhances security by reducing risks.
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