Document execution platform ‘Leegality’ has announced that it has completed its integration with India’s first and only Information Utility – National eGovernance Services Limited (NeSL) – to provide a unified digital debt documentation stack for lending institutions in India.
Leegality 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 through this integration.
The services offered range from a secure information repository for borrower information to India’s first 100% digital eStamp service. The DDE is an encrypted platform that is a paperless execution and storage of financial contracts and info.
It 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.
NeSL offers a bouquet of services ranging from a secure information repository for borrower information to India’s first 100% digital eStamp service. Established in 2016, more than 1000+ Indian businesses are currently using the platform to digitize their agreements, forms and other paperwork. Leegality is India’s only unified eSign, eStamp and document execution platform.
The introduction of the UPI unlocked a deluge of innovation in payments. NeSL’s DDE and IU platform, similarly, has the potential to set the stage for a path-breaking transformation of the entire debt and insolvency ecosystem in India.
The government’s digital mission will rely on the use of technology to improve governance. The insolvency system is highly critical to the economy’s overall health and significantly bears the NPA situation. The introduction of NeSL’s technology platform is a paradigm shift in debt enforcement that will ensure that the insolvency process is quicker and fairer, which will positively benefit the economy and the NPA situation at large.
Rishabh Shroff, a partner at Cyril Amarchand Mangaldas (CAM), which has extensive experience in handling high-value insolvency cases, spoke about this development:
“NeSL’s IU and DDE ecosystem can revolutionize debt records in India and simplify enforcement of debt claims by providing a secure, neutral repository for debt information and documentation. Having worked with Leegality before in Prarambh, CAM’s LegalTech incubator, we are excited to see how their new partnership with NeSL shapes up.”
As part of the new integration, Leegality also provides several value-added functions on top of the base NeSL integration that will make it easier for businesses to digitize all touchpoints of the paperwork process.
Founder and CEO of Leegality – Shivam Singla said:
“NeSL is not just a single service – but a set of different interlinked services. We have been working with NeSL for the past few months to develop a product – the Leegality NeSL Suite – that allows our Bank, NBFC and MFI customers to integrate with all of NeSL’s services with a simple and fast one-stop integration.”
Leegality hopes that its new product will help Banks and NBFCs adopt NeSL faster.