Electronic letter of credit (L/C) and bank guarantee services are available to Indian small- and medium-sized enterprises (SME) in HDFC Bank's newly launched digital banking service for the small business sector.

The digital SME bank offering will allow clients 24x7 access to a suite of services instantly and on electronic devices including laptops, desktops, mobiles or tablets.

L/Cs and guarantees

Clients will be able to remotely obtain L/Cs and bank guarantees and make foreign currency outward remittances.

The status of L/Cs and bank guarantees can also be checked online.

SME first

The system allows clients to upload all documents required by the bank to approve credit facilities.

SMEs will also be able to use this facility to view credit lines with the bank.

HDFC Bank says the offering, which the bank has been piloting for the last three months, is India's first fully-fledged digital banking service for the SME segment.

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