NHAI now accepts electronic bank guarantees, aims to adopt digital tech
New Delhi, November 2, 2022
The move is aimed at improving the efficiency and transparency of internal processes and taking forward the adoption of digital technology
The National Highways Authority of India (NHAI) has started accepting electronic bank guarantees and digitalised all its existing bank guarantees, an official statement said on Wednesday.
The move is aimed at improving the efficiency and transparency of internal processes and taking forward the adoption of digital technology.
NHAI is using the electronic bank guarantee services of the National e-Governance Services Ltd, which helps in the reduction of physical paper movement, doing away with physical storage needs and easy access to the bank guarantee life cycle, including renewal.
Few electronic bank guarantees (E-BGs) have already been issued by banks in favour of NHAI.
"E-BGs promote transparency, bring in several efficiencies and provide ease of doing business to our stakeholders," Alka Upadhyaya, Secretary, Ministry of Road Transport and Highways & Chairperson, NHAI, said.
[Press Trust of India]