Welcome to Leegality Roundups, this month we bring to you
- A new solution to help you manage your stamps in the drafts folder
- We’ve strengthened our Aadhaar eSign offering by adding another eSign partner
- Update on our free trials available
- Case study on how we’ve helped one of our clients reduce customer onboarding time by over 80%
- And a look at the latest RBI guidelines on digital lending
We helped ASK Investment Managers reduce its customer onboarding time by over 80% using Workflows
“The TAT was two to three weeks. Clients’ end up losing many opportunities by having such kind of delays and inefficiencies in paperwork logistics. With Leegality, we can now onboard more customers per month, get better word of mouth reviews and increase the territories from where we source customers.” - Umesh Parshetye, Chief Technology Officer, ASK Group
Read more about our work with ASK Investment Managers here.
Auto reverse used stamps from the draft folders to make them useable with Auto- Purging
Do you forget about the stamps attached to your drafts and end up buying new stamps each time? An unused stamp is wasted money and it stays in your drafts unless you manually go to the drafts folder and delete the draft. This used to be an annoying exercise for Leegality admin users.
With Draft Auto Purging the admin can now set a fixed number of days for auto purging drafts. After these days lapse, all drafts are deleted automatically and the stamps attached to them are returned to be used again by the organization. Learn more about auto-purging here.
100% Aadhaar eSign availability with multiple NSDL backups - CSDL and Verasys
We've onboarded another ESP for Aadhaar eSign - CDSL. This will help you achieve a 100% success rate with Aadhaar eSign by auto-switching your ESP whenever NSDL is down. Leegality now supports NSDL, Verasys and CSDL.
And speaking of new solutions, here are 3 very important reminders for all Business and Enterprise plan users:
Last month to try Leegality Payment Collect for free - available till 30 September, 2022
With Leegality Payment Collect, you can collect money such as stamp duty, processing fee, onboarding fee, etc. while executing documents. Haven’t started using it yet? Learn more about Leegality Payment Collect here
Contact Book free trial is now available till 31 December, 2022 - save upto a 1000 signer details at ZERO cost
With Leegality’s Contact Book you can send documents to repeating customers and internal signatories faster and without any manual errors. You can simply save the signer’s details on our dashboard and contact book will prompt you the signer’s information to fill automatically while sending the document. Learn more about it here.
RBI issues Guidelines on Digital Lending
On January 13, 2021 The Reserve Bank of India constituted a Working Group on ‘digital lending including lending through online platforms and mobile apps’ (WGDL). On September 2, 2022, the RBI released Guidelines on recommendations of the Working Group that it has accepted for immediate implementation. These Guidelines have significant implications for all members of the digital lending ecosystem - from Banks/NBFCs to Fintechs: -:
Here are some key highlights:
- The RBI has mandated digitally signed documents. The loan agreement kit containing the Key Fact Statement, sanction letter, summary of loan product etc. must be digitally signed by the lender and the borrower. The final document must then be sent to the borrower’s email/SMS.
- You must take the explicit consent of your borrower for a number of actions (enhancement of credit limit, collection of data etc). The consent captured should clearly identify the signer and must have an audit trail.
To know more about how Leegality can help you comply with these guidelines, you can view our deck on the same or contact your Leegality account manager for more information.
We launched the print edition of Laws of eSign at the Asian Legal Business x Law Ninjas: General Counsel Conversations event in Delhi
Recently we participated in the Asian Legal Business x Law Ninjas: General Counsel Conversations - an event that saw the presence of top in-house counsels from across the country. At the event we officially launched the print edition of Laws of eSign - India’s first and only authoritative resource on the legal and technical framework of electronic signatures. If you were not able to get your hands on one, then don’t worry! You can get a digital copy for free.
If you have any issues or questions regarding the free trials mentioned, please reach out to your Account Managers.
In case you are not a Leegality customer yet, but are interested in unlocking fantastic business results and eliminating paper from your paperwork - initiate a conversation with us by writing to us at firstname.lastname@example.org OR dropping your details here.