State Bank of India (SBI), the largest lender in the nation, and National e-Governance Services Limited (NeSL) have collaborated to establish the e-Bank Guarantee (e-BG) product. This feature will be replaced by e-stamping and e-signature with the introduction of e-BG.
SBI claims that this service would result in a fundamental change in the banking industry, where bank guarantees are regularly and widely used. The bank now uses wet signatures and physical stamping to offer these guarantees.
NeSL's Digital Document Execution (DDE) technology, which includes e-Stamp and e-Sign capabilities, will make the e-Bank Guarantee process simpler. Beneficiaries who use NeSL's platform will receive an e-Bank Guarantee right away and without further verification. SBI said in the release that the initiative was being undertaken to increase transparency and reduce response times from days to minutes.
The chairman of SBI, Mr. Dinesh Kumar Khara, stated, "It gives us great pleasure to work with NeSL to support the e-BG service. SBI has always been at the forefront of offering its clients cutting-edge digital technologies that make using banking services simple.
A significant step in this process that will shorten the Bank Guarantee life cycle is the electronic bank guarantee (e-BG). The program goes hand in hand with SBI's dedication to providing user-friendly and sustainable financial services.”
According to a statement released by SBI on Wednesday, the Central Government has extended Shri Challa Sreenivasulu Setty's term as managing director of the State Bank of India for a further two years, beginning on January 20, 2023, or until further orders, whichever comes first.
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, clients, and personnel. The bank now has a portfolio of house loans worth more than Rs. 6 lakh crores. As of September 30, 2022, the bank has advances totaling more than Rs. 30 lakh crore and deposits of over Rs. 41.90 lakh crore, with a CASA ratio of 44.63%. SBI has a market share of 32.9% for house loans and 19.2% for vehicle loans, respectively.
SBI has the largest network in India, with 22,309 branches, 65,796 ATMs/ADWMs, and 66,757 BC outlets. The bank's internet banking and mobile banking services are presently used by 107 million and 54 million users, respectively. SBI saw an average of 23,200 new digital savings bank accounts being opened through YONO per day during the three months that concluded in September 2022. 72.75 lakh people accessed the 5.44 crore registered users' YONO Shop & Order during Q2 FY23. In the same time frame, the bank issued pre-approved personal loans through YONO totaling Rs. 4,116 crores.
