Punjab & Sind Bank Launches Digital e-Bank Guarantee Facility with NeSL

Punjab & Sind Bank (PSB) has announced the launch of its digital e-Bank Guarantee (e-BG) facility in partnership with National e-Governance Services Ltd (NeSL). This innovative service marks a shift from traditional paper-based bank guarantees to a fully digital process, significantly enhancing efficiency, security, and transparency for beneficiaries.

Transforming Traditional Bank Guarantees into a Streamlined Digital Experience

Key Features and Benefits of the e-Bank Guarantee Facility

The new e-BG facility offers numerous advantages:

• Enhanced Security and Transparency: By digitizing bank guarantees, PSB aims to eliminate the risks associated with fraud and reduce the burden of physical document handling and verification.
• Time-Saving and Efficient: The digital process simplifies the issuance and management of bank guarantees, cutting down turnaround time and making the overall experience seamless for customers.

Swarup Kumar Saha, Managing Director & CEO of Punjab & Sind Bank, expressed his enthusiasm for this advancement. He stated, “It is a matter of delight to join hands with NeSL for the e-BG facility,” highlighting the significant impact this will have on improving the speed and safety of banking operations.

Simple and Paperless Process with NeSL

NeSL’s MD & CEO, Debajyoti Ray Chaudhuri, elaborated on the e-BG’s advantages. “NeSL’s e-BG is paperless and available in digital form to registered beneficiaries on the NeSL portal. The registration process is simple and one-time,” he explained. This ensures an easy and efficient experience for all stakeholders involved.

Aligning with Ease of Business Initiatives

The introduction of the digital e-Bank Guarantee facility is a testament to Punjab & Sind Bank’s commitment to supporting ease of doing business. By providing a modern, secure, and efficient solution for bank guarantees, PSB continues to enhance its service offerings and meet the evolving needs of its customers.