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

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

Indian Bank

Chennai, 3rd July 2023 Indian Bank, launched new digital services under its ongoing digital transformation initiative “Project WAVE”. These new services were launched by Shri S.L Jain, MD & CEO, at Chennai, in the presence of Executive Directors of the Bank, Shri Imran Amin Siddiqui, Shri Mahesh Kumar Bajaj and Shri Ashutosh Choudhury, along with other Senior Officials of the Bank.

In collaboration with National E-Governance Services Limited (NeSL), electronic bank guarantee (e-BG) service has been introduced to reduce traditional paper-based processes. This will shorten the turn-around time of the BG issuance and delivery to the beneficiary from an industry average of 3-4 working days to a few minutes. Moreover, it replaces the need for physical stamp paper and physical signatures with digital stamping and e-signing and making the whole process entirely digital.

Customers who regularly file GST can avail 25% of the Annual turnover, as an overdraft cash credit facility without additional collateral security under the IND GST Advantage scheme. The Bank also rolled out facility to avail Pre-Approved Business Loan, an end-to-end digital journey, for eligible individuals and proprietor firms to cater to their business needs.

The newly launched digital vehicle loan product enables individual Customers of the Bank to get their dream vehicle with hassle–free loan processes. This facility will be available for loan value upto Rs. 25 Lakhs.

In the launch event, several other digital products such as Jewel loan- MSME – Branch Assisted for business needs upto Rs. 35 lakhs, Loan against Insurance – upto Rs.10 lakhs for endowment Insurance policy with SBI Life, fully digitalised Pre-Approved Credit card (ETB) application facility for Bank’s customers were also launched. Bank’s Chatbot – ‘ADYA’ has further been enhanced to accept cheque book request from customers.