Project WAVE: Public sector Indian Bank has launched new services under its digital transformation initiative ‘Project WAVE’. Under this, Indian Bank in collaboration with National e-Governance Services Limited has launched an Electronic Bank Guarantee (e-BG) service, which will ease the traditional paper-based processes.
The bank said in a statement that with this move, the average time taken to issue a bank guarantee and reach the beneficiary will come down from 3-4 working days to a few minutes. Apart from this, now the facility of digital stamp and e-signing will be given instead of physical stamp paper and physical signature of the customers.
Apart from this, Indian Bank has also completely digitized the process of taking a vehicle loan. This facility will be for loans up to Rs 25 lakh. The bank’s Managing Director and CEO SL Jain launched the digital services in the presence of senior officials at an event held in Chennai recently.