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- Bank Guarantees (BG) in India are issued as paper documents by banks, on request from customers (Applicant) and in favour of beneficiaries.
- The paper BG is stamped as per stamp duty requirement, signed by bank official(s) and then delivered to the beneficiary through the customer or collected by the beneficiary from the bank’s branch.
- An Electronic Bank Guarantee (e-BG) eliminates the physical documentation usually associated with issuance of BG. It reduces the turn-around time of the BG issuance and delivery to the beneficiary from an industry average of 3-4 working days to a few minutes.
- The digital steps in an e-BG includes BG application, preview and confirm, paperless e-stamping, e-signing, hosting of the final electronic BG on the NeSL portal and intimation of final BG to the beneficiary.
- The beneficiary can view the final digital BG on the NeSL portal immediately on issuance. Such an e-BG eliminates the need for a separate authentication from the BG issuing Bank.
