HDFC Bank issues e-BG

HDFC Bank has issued an electronic bank guarantee (e-BG) in partnership with National E-Governance Services Ltd (NeSL), becoming the first bank in the country to do so. e-BG has been developed in consultation with NeSL, CVC-CBI committee and IBA to simplify the process and eliminate the possibility of fraud and manipulation. e-BG will be issued on the NeSL portal through an API-based digital workflow.

Paper based; time-consuming process has been eliminated with the new electronic bank guarantees. This is a transformational change, and the Bank will migrate to eBG to benefit all its customers, the bank said in a statement on Monday. Paper-based bank guarantees took 3-5 days to complete the process of physical pick up from the bank, courier to the beneficiary, stamp it and re-verify it.

American Express Banking Corp (AEBC) has appointed Sanjay Khanna as the chief executive officer (CEO) and country manager, AEBC Corp., India, the company said in a statement on Monday. Previously, Khanna headed the country’s executive team and was responsible for driving growth across the organisation’s consumer and commercial businesses. Now, he will be responsible for spearheading strategic and business development initiatives for the company and strengthening the company’s strategic focus in India.

The stock of Bajaj Electricals is down 4 per cent from its highs this month. YES Securities expects growth momentum in the consumer business to continue on new product launches across the categories at the premium end. This has resulted in market share increase in urban markets which has been a weak area.