TestCloud
Prep • Practice • Perform
Log In

Punjab & Sind Bank Introduces e-Bank Guarantee Service.

Banking & Finance | Dated: 20 Nov 2024

New Delhi, State-owned Punjab & Sind Bank on Friday announced the launch of the e-Bank Guarantee (e-BG) facility in partnership with National e-Governance Services Ltd (NeSL). This initiative replaces the traditional paper-based BG issuance process with e-stamping and e-signatures.

🎯 Key Highlights:

  • - The secured transmission and enhanced transparency will help beneficiaries save time and effort in verifying physical BGs.
  • - Punjab & Sind Bank MD and CEO Swarup Kumar Saha said, "It is a matter of delight to join hands with NeSL for the e-BG facility. He added that this is a landmark step towards improving the ease of business for applicants and beneficiaries.

💡 Other Important Facts:

  • The facility will significantly reduce the turnaround time (TAT) and serve as a game changer in curbing frauds and eliminating the inconveniences associated with the physical movement of documents.

📚 Test Your Knowledge:

Recently, Punjab & which bank introduced the e-Bank Guarantee Service?

Correct Answer: Sind Bank

🚀 Quick Recap:

About Sind Bank

  • Founder : Vir Singh
  • Headquarters: New Delhi