Canara Bank launches Electronic Bank guarantee with NeSL

With this Canra Bank now offers an API based digital workflow of Bank guarantees which will eliminate physical issuance, stamping, verification and paper-based record maintenance of Bank Guarantees paving the way to augment integration of Environmental and Social Governance (ESG) framework into Business. This platform offers several advantages such as greater transparency, better monitoring triggers, secured transmission of Bank Guarantee to beneficiary which shall lead to a higher degree of compliance, the bank said in a press release.

“To achieve the milestone of being the first public sector bank to roll out electronic bank guarantee on our 117th founder’s day is a proud moment for the entire Canara Bank family. The issuance of e-BG shall reduce turnaround time for our customers and contribute towards the ease of doing business for business houses associated with us,” said Mahesh M Pai, Canara Bank’s General Manager.

Meanwhile, Debajyoti Ray Chaudhuri, MD & CEO of NeSL said, “It was a pleasure to be associated with Canara Bank on implementation of the e-BG and we are extremely happy that Canara Bank launched this product on their Founder’s Day. e-BG is cost effective, moreover as it is available 24/7, it brings about efficiency in the entire process of issuance of BG, and by eliminating paper, it promotes sustainability which is the need of the hour today.”