Indian Bank launches e-BG and several other new digital services

The Indian Bank is expanding its digital services to include an e-bank guarantee, new options for loan requests, also via the chatbot, and loan approvals,

Indian Bank launched new digital services under its ongoing digital transformation initiative ‘Project WAVE’. Together with the National E-Governance Services Limited (NeSL), the electronic bank guarantee (e-BG) service is now digitalised to reduce traditional paper-based processes.

An electronic bank guarantee will shorten the turn-around time of issuing and its delivery to the beneficiary from an industry average of 3-4 working days to a few minutes. It will also replace the physical stamp paper and signatures with digital stamping and e-signing, making the whole process entirely digital. Other digital services include the possibility of the Bank’s chatbot accepting chequebook requests from customers and for the process of pre-approved business loans to be completed online as well.