Indian Bank launches digital services under Project Wave initiative

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The bank said in a statement that the move will reduce the average time taken to issue a bank guarantee and reach the beneficiary from 3-4 working days to a few minutes.

Chennai. Public sector Indian Bank has launched new services under its digital transformation initiative Project Wave. The bank gave this information on Sunday. 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 the move will reduce the average time taken to issue a bank guarantee and reach the beneficiary from 3-4 working days to a few minutes.

Apart from this, now the facility of digital stamp and e-signature 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 S L Jain launched the digital services in the presence of senior officials at an event held in Chennai recently, the release said.

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