NeSL issued a circular regarding the Updating Latest Status of e-BG through NeSL DDE eBG API

Jun 21, 2024 | by TeamLease RegTech Legal Research Team

Free Legal updates for the week 00


Industry Specific ComplianceThe National E-Governance Services Ltd (NeSL) on June 21, 2024, issued a circular regarding the Updating Latest Status of e-BG through NeSL DDE eBG API.

It has been observed that banks have not been updating the latest status of e-BG on the NeSL portal. For instance, not updating a closure event on the NeSL platform, when e-BG is closed in the bank system, results in the NeSL portal continuing to show the BG as active to the beneficiary and the applicant. The beneficiary can raise various requests on an active e-BG, including invocation.

Upon actioning or giving effect to the beneficiary request by the bank in their internal system, it is very important for bank/s to update the latest status of the e-BG with NeSL, so that both the systems of the bank and NeSL are in sync and hold the correct and updated status, based on which NeSL further notifies and displays to the applicant and the beneficiary.

It is requested that the bank/s be ready with all the events in the e-BG process and update the latest status to NeSL promptly, thereby avoiding any incorrect/incomplete information being notified/displayed to the applicant and the beneficiary. 

[Circular No.: NeSL/DDE/2024/0153]


Bookmark

Related Updates



Alternate Text

Get updates on the go on RegUpdate Mobile App.

NEW  ·  AI ASSISTANT