State Government of Uttar Pradesh Approves StockHolding for digital stamping of bank guarantees through SWIFT India messaging platform

Automated e-Stamping Launched in Uttar Pradesh on SWIFT India platform

Uttar Pradesh government, launches the Automated e-Stamping for Bank Guarantees with StockHolding, using the SWIFT India messaging platform. This digital solution will make the existing stamp duty payment process ‘Paperless’ and also facilitate digitalisation of Bank Guarantees, helping businesses in the state to reduce time, effort and cost.

As part of Uttar Pradesh Government’s efforts to promote ‘Ease of Doing Business’, this paperless process enables the duty-paying customer to make payments online and receive the e-Stamp certificate digitally from StockHolding, which is the central record keeping agency in the state. Customers will no longer have to carry physical copy of the transaction receipts and the entire process can happen online.

On the occasion, Sri. Ravindra Jaiswal, Hon’ble Minister of State with Independent charge, Stamp and court fees and Registrations, Uttar Pradesh said that his department has taken many initiatives towards the ‘Digital India’ move. The Department is digitising all the registered records and soon the public can check the record online before sale or purchase. He further said that his department has already implemented the Digital Document Execution process, and now Automated e-Stamping for Bank Guarantees with StockHolding, using SWIFT India messaging platform.

On the occasion, Sri Balaji Patro, Regional Manager Uttar Pradesh StockHolding said, “I, on behalf of the StockHolding, acknowledge the efforts and initiatives taken by Uttar Pradesh Government, in bringing the digital transformation in the State. Today's event is another feather in the cap, taking the Uttar Pradesh ahead on the path of Uttam Pradesh of the Country. I take this opportunity to congratulate the entire team of the Stamp & Registration Department , Uttar Pradesh on winning the 18th addition of CSI SIG e-Governance Awards 2020 for PRERNA 2020 & The Indian Express Group's Digital Technology Sabha Award 2021 for Enterprise Application.”

On the occasion, Mr. Kiran Shetty, Chief Executive Officer, SWIFT India said, “I am delighted to see this game changing decision of the Uttar Pradesh government materialise, which will transform the ‘paper-intensive’ bank guarantee process into a ‘paperless’ one and will go a long way to improve the state’s ‘Ease of doing business’ quotient. We look forward to continuing our work with state governments and the banking community, to bring the benefits of seamless trade finance processing across India.”

This is a progressive move by the State Government of Uttar Pradesh and is welcomed by the banking community at large. At the time of this announcement, the Automated e-Stamping service is made available to customers of six banks, namely Bank of Baroda, ICICI Bank, State Bank of India, Axis Bank, Union Bank of India and IndusInd Bank.

The Automated e-Stamping solution for Bank Guarantees is also approved and implemented in the state of Delhi, and was initiated with ICICI Bank, Axis Bank and IndusInd Bank at the time of launch in 2019.