31/01/2024
Director (Finance) inaugurates Electronic Bank Guarantee functionality with SAP integration
Mr Jain highlighted the fact that IndianOil is dealing in substantial volume of Bank Guarantees, this facility will not only improvise the management of maintaining Bank Guarantees in terms of storing/accessing etc. but will also help in reducing the lead time for encashment/amendment of the Bank Guarantees. He further added that this platform will prove to be one step forward for improving checks and controls which is one of the most important aspects in the entire process. National E-Governance Services Limited (NeSL), which acts as a Central eBG repository, has facilitated Electronic Bank Guarantee (eBG) platform which offers execution of Bank Guarantee in digital form to be accepted by IndianOil from Vendors/Customers. Most of the major banks including SBI & HDFC have become members of NeSL for execution of e-BG. This electronic platform offers an array of benefits such as Bank Guarantee in Electronic Form with digital stamp duty, digitally signed and tamper proof, flexibility in using different BG template, amendment/invocation/closure also supported, downloadable eBG in PDF format etc. Ms EP Nivedita, Executive Director, NeSL joined the inauguration virtually. She congratulated IndianOil team and assured of all support towards any further requirement in the process of digitalization. eBG portal has been integrated with SAP ERP wherein eBGs will be retrieved from the portal and saved in the SAP, making the process of handling Bank Guarantees more user friendly, coordinated and secured. Mr Ruchir Agrawal, CGM (CF&T) acknowledged the generous support from Divisions and COIS at all the stages of implementation.
