CURRENT AFFAIRS : BANKING & FINANCE
Federal Bank & NeSL partner to offer electronic bank guarantee
- Indian private sector bank Federal Bank has partnered with National e-Governance Services Limited (NeSL) to launch an electronic bank guarantee (e-BG) facility.
- With this partnership, Federal Bank hopes to completely replace the traditional paper-based process ‘in due course’.
What does ” bank guarantee” mean?
- A bank guarantee is an assurance a financial institute like a bank offers to the external party if the borrower is unable to pay the debt.
