NEW DELHI. In a significant move towards digital transformation, Oil and Natural Gas Corporation (ONGC) signed a groundbreaking Online Local Short Credit (LSC) Agreement with State Bank of India (SBI) at DUB, marking a major milestone in creating a fully digitized, paperless vendor payment system.
This innovative initiative enables vendors to submit their documents at the nearest SBI branch, which are then scanned and uploaded to the Online LSC Portal by SBI. ONGC’s SFS team verifies and approves these digital submissions, after which payments are processed online with minimal charges. The system also offers real-time tracking and daily MIS updates, ensuring transparency and efficiency.
Vendors now submit documents at the nearest SBI branch, which are scanned and uploaded to the Online LSC Portal by SBI. ONGC’s SFS team verifies and approves these digital submissions, after which payments are processed online with nominal charges. The system additionally provides real-time tracking and daily MIS updates for better oversight.
Vendors now enjoy faster, transparent payments, and ONGC strengthens governance and operational efficiency. SBI advances the evolution of public sector fintech. This isn’t just a technological upgrade; it signals a strategic shift towards building trust, speed, and financial accountability. As India’s leading Maharatna company, ONGC continues to spearhead innovation, reinforcing its commitment not only to energy leadership but also to building smarter, more reliable systems for a stronger future.
#India #Energy #Maharatna #DigitalTransformation #Fintech
