Digital Document Execution (DDE)
DDE is a mode for paperless execution and storage of financial contracts, which will result in superior enforcement, thereby enhancing the ‘Ease of Doing Business’ especially in times where quick financing is the need of the hour for businesses.
NeSL’s DDE platform is designed to address and eliminate these inefficient processes as depicted below:
This concept was formulated under the guidance of Ministry of Finance and IBBI for NeSL to serve the financial sector in facilitating dematerialization of financial contracts
- To save substantial resources in Digital E-stamping within a few minutes and
- by affixing of digital signatures by parties to the contract on NeSL’s platform,
Documents executed on the platform of NeSL will ensure that the execution was error free and done in an efficient and effective way.
- Creating loan and security documents with retrieval in a timely manner.
- it makes the documents fully authentic ensuring that storage of the undisputed and
- irrepudiable record of debt on the IU with confirmation of the disbursement/repayment
- To preclude storage of physical documents by financial creditors resulting in substantial savings and easy retrieval of documents.
Ministry of Finance, Govt of India has advised State Governments to facilitate the implementation of digital e-stamping through NeSL- SHCIL/IGR platform vide notification No. S-33013/04/2019-ST-1-DoR (click to see).