Canara with Bank Now provides an API based digital workflow Bank guarantee Which will eliminate physical issuance, stamping, verification and paper-based record maintenance of bank guarantees, thereby paving the way for increased integration of Environmental and Social Governance (ESG) framework in business. The platform offers multiple benefits such as greater transparency, better monitoring triggers, secure transmission Bank guarantee To beneficiary This will lead to a higher level of compliance, the bank said in a press release.
“It is a proud moment for the entire Canara Bank family to achieve the milestone of being the first public sector bank to offer electronic bank guarantees on our 117th Founder’s Day. The issuance of e-BG will reduce the turnaround time for our customers and will contribute ease of doing business For the business houses associated with us,” said Mahesh M Pai, General Manager, Canara Bank.
Meanwhile, Debajyoti Ray Chowdhury, MD & CEO, NESL said, “It is a pleasure to associate with Canara Bank on the implementation of e-BG and we are extremely happy that Canara Bank has launched this product on its Founder’s Day. -BG is cost effective, besides it is available 24/7, it brings efficiency in the entire process of issuing BG, and by eliminating paper, it promotes sustainability which is the need of the hour today.” Recently, Canara Bank with the futuristic vision of “One Bank, One App” launched Canara AI1, Mobile Banking SuperApp with over 250 features and Digital Payment Performance by 31.03.2022 (i.e. FY 2021-22). Under also stood first. According to the Ministry of Electronics and Information Technology (MeitY) balanced Scorecard To be released during October 2022.