The Indian Bank Association (IBA) on November 12, 2024, issued an advisory on the issuance of Duplicate Electronic Bank Guarantees(eBG).
The following has been stated namely: -
• It states that as a preventive measure, NeSL has blocked the upload of e-BG and LC documents into IU and implemented a daily review process by the IU operations team to identify suspicious uploads of e-BGs or e-LCs
• Member banks are advised to exercise caution while handling eBGs and educate customers on proper authentication procedures through NeSL or the issuing bank to prevent future issues.
[Notification no. - CIB-II/Advisory-eBG/2024-25/1566]
