Indian Overseas Bank has launched the facility of issuance of the e-BG (Electronic Bank Guarantee) scheme in association with the National e-Governance Services Ltd.

Public sector Indian Overseas Bank has launched the facility of issuance of e-BG (Electronic Bank Guarantee) scheme in association with the National e-Governance Services Ltd, the bank said on Wednesday (15th Feb 2023).

* e-BG : The e-BG is an instrument issued by the city-headquartered bank in which the bank undertakes to guarantee a specific amount against the non-fulfillment of some action/performance of the applicant.

* Features : The main features of the e-BG are completely paperless mode with digital stamping and digital signature.

* Real time issuance of e-BG would make it available for the beneficiary instantly leading to time saving which in turn would fast track all the business purpose for which it is issued..

Source : Business Standard