Bank of Baroda, an Indian bank, has introduced Electroc Bank Gurantee on its digital BarodaINSTA platform through a partnership with National E-Governance Services Ltd. With this service, it can deliver a complete digital process to deliver a bank guarantee including issuance, amendment and closure, according to a press release.

Stamps are replaced by e-stamping on the solution, which helps reduce fraud. It can also be processed in a few minutes, compared to two to three days for a conventional bank guarantee.

"Over the past few years, India has built a robust digital infrastructure and this is driving growth across all sectors in the economy. The banking industry in general and BOB in particular has been at the forefront in making its products and processes available through the digital mode. NeSL's e-BG meets a long-standing requirement of the banking industry for a digital product that addresses the challenges in the physical process of issuance of e-BGs," Shri Debajyoti Ray Chaudhuri, CEO of NeSL, said in the release. "We are grateful to the Indian Banks' Association for their support in conceptualizing this product and coordinating the numerous consultations with their members till the time the product was ready for launch."

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