• HDFC Bank, India’s largest private sector bank, became the first bank in the country to issue an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL).
• The paper based, time-consuming process has been eliminated with the new electronic bank guarantees that can be processed, stamped, verified and delivered instantly with enhanced security.
• Digitisation of issuance of BG is a transformational step towards increasing the ease of doing business for MSMEs who are major applicants for bank guarantees.
• HDFC Bank will migrate to eBG platform completely in order to expedite the issuance of BGs for our customers.”

What is e-BG?

• Electronic Bank Guarantee eliminates the physical documentation associated with a bank guarantee and it becomes available digitally to the beneficiary.