The Automated e-Stamping (AeS) is a digital system for paying stamp duty, and it is now available in the State through StockHolding Corporation of India
The State Government of Odisha has launched the Automated e-Stamping (AeS) solution for electronic bank guarantees in association with StockHolding on Swift India’s platform
FinTech BizNews Service
Mumbai, December 23, 2024: The State Government of Odisha has launched the Automated e-Stamping (AeS) solution for electronic bank guarantees in association with Stock Holding on Swift India’s platform, a joint venture between Swift SC, the global banking cooperative and 11 leading banks in India to address domestic market needs of the Indian financial industry. With this launch, banks in the State will be able to leverage the potential of the solution for issuing automated e-stamping for electronic bank guarantees through the Swift India channel.
Automated e-Stamping with Swift India makes the stamp duty payment process paperless for banks and corporates and is a critical step in facilitating digitization of Bank Guarantees. It enables issuing banks to apply for stamp duty payment digitally and receive the e-Stamp Certificate almost instantly. It is one of the key digital initiatives implemented by the Odisha Government to further improve the ease of doing business in the State. The solution will facilitate end-to-end digitization of bank guarantees to the banks in Odisha, ensuring increased operational efficiency, better transparency and elevated security in the financial transaction.
UCO Bank, the State-Level Bankers’ Committee (SLBC) convener for Odisha, spearheaded the launch of the Automated E-Stamping solution for bank guarantees with Swift India. This initiative is part of a broader commitment to drive the digitization agenda across the State. The ceremony received enthusiastic support from all participating banks in Odisha and was graced by Mr. Srikanta Kumar Behura, Deputy Inspector General, Government of Odisha. Highlighting the importance of integrating digital solutions to streamline State operations, his participation underscored the State government's support for digital transformation and set a precedent for embracing innovative financial solutions to enhance efficiency and transparency in Odisha's banking sector.
Mr. Kiran Shetty, CEO, Swift India, said "Swift India is thrilled to collaborate with the Odisha Government, supporting their dedicated efforts to enhance the ease of doing business within the region. The introduction of Automated e-Stamping is a significant step forward, simplifying trade finance processes and pushing Odisha closer to its goal of becoming a 'paperless' State. With this, we will ensure a smoother, more efficient future for all stakeholders involved.”
Shri. Goutam Patra, General Manager – Cum – Convenor, UCO Bank, the SLBC Convener bank, said: “By leading such transformative projects, we are not only aligning with the state's vision to streamline trade and finance processes but are also helping to establish a robust framework for sustainable economic development. This initiative is a critical component in our continuous efforts to support the digitization of financial services and enhance operational efficiencies across the board and we look forward to pursuing further innovations that contribute to the digital empowerment of our customers and stakeholders.”
Shri. Kaushik Bhattacharya, Divisional Manager and Regional Manager in-charge of EAST & NORTHEAST Region, StockHolding Corporation of India Limited, said: Stockholding as Central Record keeping Agency for e-Stamping system for the State of Odisha, welcomes the launch of the new Automated e-Stamping solution for Electronic Bank Guarantee in partnership with SWIFT India. This marks an important milestone towards promoting digital solutions based on the Stockholding digital e-Stamping architecture for continuous improvement in the "Ease-of-doing business" in the State of Odisha. Stockholding is grateful for the positive support extended by the Department of Revenue and office of the IGR for this success.”
The banking community celebrated this announcement of Odisha becoming the fourth region to adopt this innovative solution after Rajasthan in 2022, Uttar Pradesh in 2021 and Delhi in 2019.
Today, the Swift India’s Automated e-Stamping service is available with 11 banks who are reaping the true benefits of digitization of trade documents, starting with Bank Guarantees.
