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Canara Bank Issues Electronic Bank Guarantee in Partnership with NeSL

Canara Bank Issues Electronic Bank Guarantee in Partnership with NeSL: On its 117th Founder’s Day, Canara Banks enters the digital banking space with the issue of an Electronic Bank Guarantee (e-BG) in collaboration with National E-Governance Service Limited (NeSL). The Canara Bank will now offer an API-based digital workflow of Bank guarantees which will eliminate physical insurance, stamping, verification, and paper-based record maintenance.

November 2022 Current Affairs Quiz

Canara Bank Issues Electronic Bank Guarantee in Partnership with NeSL- Key Points

  • The platform will offer several advantages such as greater transparency, better monitoring systems, and secured transmission of Bank Guarantees to beneficiaries.
  • Canara Bank General Manager Mahesh M Pai informed that achieving the milestone of being the first public sector to roll out an electronic bank guarantee is a proud moment.
  • Canara Bank introduced Canara ail, a mobile banking super app with over 250 functions. The bank Mobile app was designed with the futuristic goal of “One Bank, One App” in mind.
  • It was also ranked 1st under the Digital Payment performance on 31st March 2022 by the Ministry of Electronics & Information Technology.

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