Canara Bank launched an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL). This took place on the bank’s 117th Founder’s day.

With this, the lender now offers an API-based digital workflow of bank guarantees. It will eliminate physical issuance, stamping, verification and paper-based record maintenance of bank guarantees, thus paving the way to augment integration of Environmental and Social Governance (ESG) framework into business. 

The platform offers several advantages such as greater transparency, better monitoring triggers, secured transmission of bank guarantee to beneficiary which shall lead to a higher degree of compliance, Canara Bank said in a release.

"To achieve the milestone of being the first public sector bank to roll out electronic bank guarantee on our 117th founder’s day is a proud moment for the entire Canara Bank family. The issuance of e-BG shall reduce turnaround time for our customers and contribute towards the ease of doing business for business houses associated with us," said Canara Bank general manager Mahesh M Pai.