YES BANK Launches Instant Electronic Bank Guarantee in Partnership with NeSL

NEW DELHI- YES BANK has announced the launch of India's first Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL). This revolutionary step by YES BANK has enabled trade customers to obtain their Bank Guarantee instantly, 24x7, without the need to physically visit any branch of YES BANK. This technology-based initiative has been a significant milestone in the digitization of the existing paper-based process for the issuance and maintenance of BG.

What is a Bank Guarantee?

A Bank Guarantee (BG) is a guarantee provided by a bank on behalf of its customer. It is a financial instrument that assures a beneficiary that the obligations of the customer will be fulfilled as per the terms and conditions of the agreement. BG is generally used in international trade transactions where the seller requires assurance from the buyer that the payment will be made on time.

What is an Electronic Bank Guarantee (e-BG)?

An Electronic Bank Guarantee (e-BG) is a digital version of the Bank Guarantee. With e-BG, the process of issuance and maintenance of BG becomes completely paperless. The entire process, right from the application to the delivery of the BG, is done online. This results in faster turnaround time, reduces the chances of fraud and errors, and provides convenience to the customers.