Indian Bank rolls out digital services under 'Project WAVE' initiative

Public sector lender Indian Bank has unveiled new services under its digital transformation initiative -- Project WAVE -- the bank said on Sunday.

Accordingly, the city-headquartered bank in collaboration with National E-Governance Services Ltd, has introduced an electronic bank guarantee (e-BG) service to ease traditional paper-based processes.

This move will also reduce the turn-around time of the bank guarantee issuance and delivery to the beneficiary from an industry average of 3-4 working days to a few minutes, a bank statement said.

Besides, the facility would replace the need for physical stamp paper and physical signatures of customers by replacing them with digital stamping and e-signing making the entire process digital.

Indian Bank has launched a facility to avail pre-approved business loans, an end-to-end digital journey, for eligible individuals and proprietor firms to cater to their respective businesses.

"The newly launched digital vehicle loan product enables individual customers of the bank to get their dream vehicle with hassle-free loan processes. This facility would be available for loan value up to Rs 25 lakh" the bank said.

At an event held in Chennai recently, the bank's Managing Director and CEO S L Jain launched the digital services in the presence of senior executives, the release said.