This rule of government office changed due to new notification of West Bengal Finance Department

WBFIN: The West Bengal Finance Department issued a notification on Wednesday. This notification related to Bank Guarantee Repository System will be applicable to the offices of the Government of West Bengal. Opting for this system is optional and it is not necessary to open a bank account with ICICI Bank Limited to avail such facility. Notification details are given below.

Notification Number:6010-F(Y)
Release date:01/11/2023
Publisher:Finance Department of West Bengal, Nabanna (WBFIN)
Subject:Bank Guarantee Repository System

Summary of WBFIN Notification:

The Finance Department had earlier permitted obtaining bank guarantee as performance security.
This was published vide 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 ICICI Bank Ltd. Bank Guarantee has come up with Bank Guarantee Repository System (BGRS) for State Government offices, which will enable them to keep track of all their bank guarantees free of cost. State Government offices can use it but opting for BGRS of ICICI will not prevent the concerned office from verifying/tracking the authenticity of the Bank Limited.

It is hereby clarified that opting for this system is optional and it is not necessary to open a bank account with ICICI Bank Limited to avail such facility. However, all offices desirous of availing this facility must include the following items in their tender/RFP/bid documents.

“All bidders submitting bank guarantee from any registered bank other than ICICI Bank must ensure that the issuing bank sends SFMS IFN 760 message to ICICI Bank, IFSC through SFMS. ICIC0001056, Branch Salt Lake City, Sector V, BG To establish authenticity given in text
“Bank guarantee.”

When will other scheduled commercial banks come up with similar services for free
They will also be included in the list of Bank Guarantee Repository System (BGRS) service providers. This order is effective immediately.

You can download this notification by clicking on the download button given below:

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