The following benefits may be quantified: 1. Saving huge paper and printing costs. 2. Saving storage Qorus-Infosys Finacle Banking Innovation Awards 2024

Submitted by

Punjab National Bank

Premium

19/06/2024 Banking Innovation

To give a boost to digital lending our Bank has launched Electronic Bank Guarantee (e-BG) built on the Digital Document Execution (DDE) platform of NeSL (National E-Governance Services Ltd).

Innovation details

Country
IndiaCategory
Reimagining the Customer ExperienceKeyword
Loans, Customer experience, Operational excellence & efficiency

Innovation presentation

Electronic Bank Guarantee is a Guarantee given by bank on behalf of their customers in digital form.

This initiative will enhance customer satisfaction by moving from conventional banking to a contemporary digital platform. The turn-around time of the BG issuance and delivery to the beneficiary will be reduce from an average of 3-4 working days to a few minutes.

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