HSBC and NeSL Revolutionize Bank Guarantee Procedures

In place of the conventional paper-based bank guarantee procedure, HSBC  has introduced online bank guarantee services in collaboration with National E-Governance Services Ltd (NeSL). By implementing e-stamping and e-signing, this step seeks to modernize commerce and streamline the guarantee issue procedure. Applicants will be able to view a bank guarantee on the NeSL portal instantaneously with this new solution. The transaction cycle time is predicted to drop from two to three days with the implementation of e-guarantees, offering a quick and safe substitute for the paper-based guarantee procedure.

Operating under the Insolvency and Bankruptcy Code of 2016, NeSL is a legal evidence repository that contains details of any claim or debt made by operational or financial creditors. The parties to the debt have confirmed and authenticated the information.

In a nutshell the electronic bank guarantee services offered by HSBC  in association with NeSL seek to automate and optimize the guarantee issue procedure, thereby decreasing transaction times and offering a safe substitute for the conventional paper-based method.