IDBI Bank Trade Finance Mumbai
June 7, 2014 – 10:54 am
Issuance of Bank Guarantee - IDBI Bank- Bank Guarantee
Bank Guarantee is an instrument issued by the Bank in which the Bank agrees to stand guarantee against the non-performance of some action/performance of a party. The quantum of guarantee is called the ‘guarantee amount’. The guarantee is issued upon receipt of a request from ‘applicant’ for some purpose/transaction in favour of a ‘Beneficiary’. The ‘issuing bank’ will pay the guarantee amount to the ‘beneficiary’ of the guarantee upon receipt of the ‘claim’ from the beneficiary. This results in ‘invocation’ of the Guarantee. IDBI Bank issues the entire range of Bank Guarantees, namely,
Bid Bond Guarantee
Advance payment Guarantee
Guaranty for warranty obligation
Payment Guarantee/Loan Guarantee
Performance Guarantee
Deferred payment Guarantee
Shipping Guarantee
Trade Credit Guarantee
Standby LC
Bank issues Guarantee favoring beneficiaries abroad either directly or through our correspondent banks across the continents. Similarly, IDBI Bank also issues guarantees favoring resident beneficiaries on behalf of our overseas branches / correspondents.
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He noted that the association's member banks are active in correspondent banking, trade finance and international wealth management/private banking services.
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Popular Q&A
Why trade finance is attractive to banks?
low risk,profitable,self liquidating and can cross sell
What is the nature of work and opportunities in trade finance of a bank..thanks?
In the imports and exports business of bank's customers. And their financing of international trade. Like the issuance of Letter of credits for their customers.
