Electronic Bank Guarantee
Electronic Bank Guarantee
Dhanlaxmi Bank Ltd incorporated in 1927 at Thrissur, Kerala by a group of ambitious and enterprising entrepreneurs. Over the 97 years that followed, Dhanlaxmi Bank with its rich heritage has earned the trust and goodwill of clients. It is due to our strong belief in the need to seek innovation, deliver best service and demonstrate responsibility, that we have grown from strength to strength. Be it in the number of customers, the scale of business, the breadth of our product offerings, the banking experience we offer or the trust that people invest in us. With 560 touch points (including 261 Branches, 282 ATMs, 17 BCs) across India at your service; our focus has always been on customizing services and personalizing relations.
Dhanlaxmi Bank announces the launch of Electronic Bank Guarantee (e-BG) in the month of June 2024 in partnership with National E-Governance Services Limited (NeSL), which offers a platform for the issuance of Inland BGs through electronic mode. NeSL is India’s first and only Information Utility and is regulated by the Insolvency and Bankruptcy Board of India (IBBI) under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). With this launch,
Dhanlaxmi Bank joins a select group of banks to issue Electronic Bank Guarantees – a digital process across the complete lifecycle of a BG including issuance, amendment, closure and invocation resulting in substantial reduction in the turnaround time in issuing a BG, while at the same time bringing in greater security and accessibility. The conventional paper-based process of issuing inland Bank Guarantees normally takes a few days to execute from BG issuance to receipt by the beneficiary. In an e-BG, physical stamping and signing is replaced by e-stamping/signing, preventing fraud. The e-BGs are stored in a central repository resulting in complete transparency and accessibility for all stakeholders like Issuing Bank, Beneficiary and Applicant, as well as ease of authentication and verification. Further unlike in the case of paper BG, an eBG gets processed and delivered in few minutes.
EBG is a transformational reform as we endeavour to make banking simpler, more secure and easily accessible for our customers. Individual contractors, SMEs and Corporates are major applicants for BG and the move to e-BGs - a quick, seamless, transparent and completely secure process - will benefit them all alike.
