Document execution platform, Leegality, has completed its integration with National eGovernance Services Limited (NeSL) to provide a unified digital debt documentation stack for lending institutions in India.
It will offer banks and NBFCs a “one-stop integration” that gives them access to the entire NeSL Digital Document Execution (DDE) and Information Utility service ecosystem.
The services offered range from secure information repository for borrower information to India’s first 100% digital eStamp service. The DDE is an encrypted platform which is a paperless execution and storage of financial contracts and information.
This will reduce contracting costs by 80% and turnaround time by 90%. NeSL’s introduction in the debt ecosystem is similar to that of digital payments in India.
“NeSL has the potential to revolutionize the speed of insolvency proceedings in India. With our new Leegality NeSL Suite, we hope to accelerate this revolution by providing Banks and NBFCs an easy way to comply with the regulatory mandate of the IBC and Ministry of Finance,” Shivam Singla, founder and CEO, Leegality, said.
The government's digital mission will rely on the use of technology to improve governance. The insolvency system is extremely critical to the overall health of the economy and has a great bearing on the non-performing assets (NPA).