Canara Bank Launches Electronic Bank Guarantee

Canara Bank ushered in a new dawn of digital banking on its 117th Founder's day, with issuance of an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL).

Bank now offers an API based digital workflow of Bank guarantees which will eliminate physical issuance, stamping, verification and paper based record maintenance of Bank Guarantees paving the way to augment integration of Environmental & Social Governance (ESG) framework into Business. This 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.

Mahesh M Pai, General Manager, Canara Bank said, "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. 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."

Debajyoti Ray Chaudhuri, MD & CEO of NeSL said, "It was a pleasure to be associated with Canara Bank on implementation of the e-BG and we are extremely happy that Canara Bank launched this product on their Founder's Day. e-BG is cost effective, moreover as it is available 24/7, it brings about efficiency in the entre process of issuance of BG, and by eliminating paper, it promotes sustainability which is the need of the hour today."

Recently, Canara Bank launched Canara ai1, mobile banking superapp with more than 250 features with the futuristic vision of "One Bank, One App" and was also ranked 1st under the Digital Payment performance as on 31.03.2022 (i.e. FY 2021-22) by Ministry of Electronics & Information Technology (MeitY), as per balanced scorecard released during October 2022.