Bank Guarantee Repository System (BGRS) by ICICI Bank
Finance, Performance Guarantee , Security Deposit 👁️ 219
Recently, the ICICI Bank Ltd. has come up with the proposal for providing Bank Guarantee Repository System (BGRS) to State Government Offices free of cost for keeping track of all their Bank Guarantees.Government of West Bengal
Finance Department
Audit Branch, Gr-T Nabanna, Howrah
(File no; 615942)
No: 6010-F(Y) Date: 01/11/2023
Memorandum
Sub: Bank Guarantee repository System
Finance Department had earlier allowed receipt of Bank Guarantee as Performance Security/ Additional Performance Security in certain cases as specified in FD Memo No. 5696-F(Y) dated 01.10.2019, 4608-F(Y) dated 18.07.2018 and other orders issued from time to time.
Recently, the ICICI Bank Ltd. has come up with the proposal for providing Bank Guarantee Repository System (BGRS) to State Government Offices free of cost for keeping track of all their Bank Guarantees. The State Government Offices may use the same but opting for BGRS of ICICI Bank Ltd will not relieve the concerned office from verifying the authenticity/ keeping track of the Bank Guarantees by other means.
It is hereby clarified that opting for this system is optional and there will be no need for opening any Bank Account with ICICI Bank Ltd for using such facility. However, all offices which are desirous of utilising this facility, will have to include the following in their Tender/ RFP/ Bid Document:
“All Bidders submitting Bank Guarantee from a Scheduled Bank other than ICICI Bank must ensure that the issuing bank sends SFMS IFN 760 message through SFMS to ICICI Bank, IFSC ICIC0001056, Branch salt Lake City, Sector V, in BG text to establish authenticity of the given Bank Guarantee.”
As and when other Scheduled Commercial Banks come up with similar solutions/ services free of cost, they will also be included in the list of service providers of Bank Guarantee Repository System (BGRS).
This order issues with immediate effect.
Additional Chief Secretary to the
Government of West Bengal