SBI claims that this facility will bring about a revolutionary change in the banking ecosystem, where bank guarantee is frequently used in large volumes. Currently, the bank issues these guarantees with physical stamping and wet signatures.
The e-Bank Guarantee procedure will be made easier by NeSL's Digital Document Execution (DDE) technology, which offers e-Stamp and e-Sign features. Beneficiaries using NeSL's platform will instantly get an e-Bank Guarantee without additional verification. SBI said in the announcement that it has taken this initiative to enhance transparency and reduce turnaround time from days to minutes.
Mr. Dinesh Kumar Khara, Chairman, SBI, said, “It gives us immense pleasure to join hands with NeSL to facilitate the e-BG service. SBI has always been the pioneer in providing state-of-the-art digital offerings to its customers to facilitate ease of banking services. Electronic Bank Guarantee (e-BG) is an important milestone in this journey that will reduce time in the Bank Guarantee life cycle. The initiative is in tandem with SBI’s commitment to promoting sustainable and user-friendly banking services."
Mr. Debajyoti Ray Chaudhuri, MD & CEO of NeSL said, “It is indeed a proud moment for us that the country’s largest bank, SBI, is now live on NeSL’s eBG platform. This collaboration is part of a larger initiative of SBI to digitize the last mile in the credit process using the Digital Document Execution (DDE) platform. We acknowledge the tireless efforts of the team at SBI working in tandem with us. NeSL’s eBG removes all the pain points in the existing physical process of issuance of BGs and enhances the customer experience. eBG envisages that all the life cycle events in the BG, like issuance, amendment, invocation, etc. are fully digital, contactless, and paperless, which I believe is the way forward for all products in the banking industry."
On Wednesday, SBI declared that the Central Government has extended the term of office of Shri Challa Sreenivasulu Setty, Managing Director, State Bank of lndia for a period of two years with effect from 20.01.2023, or until further orders, whichever is earlier.
The largest commercial bank in terms of assets, deposits, branches, customers, and employees is State Bank of India. The bank's home loan portfolio has surpassed Rs. 6 lakh crore. The bank had deposits totalling more than Rs. 41.90 lakh crore as of September 30, 2022, with a CASA ratio of 44.63%, and advances totalling more than Rs. 30 lakh crore. In terms of home loans and auto loans, SBI has a market share of 32.9% and 19.2%, respectively.
In India, SBI has the largest network, consisting of 66,757 BC outlets, 65,796 ATMs/ADWMs, and 22,309 branches. There are now 107 million and 54 million customers utilising online banking and mobile banking facility of the bank, respectively. In the quarter ended in September 2022, SBI witnessed an average of 23,200 new digital savings bank accounts being established per day via YONO. In Q2 FY23, 72.75 lakh customers visited the YONO Shop & Order, which has 5.44 crore registered users. Through YONO, the bank distributed pre-approved personal loans totalling Rs. 4,116 crore in the same period.
