Explanation:

- Option 1: SBI Bank

- SBI is one of the largest Indian banks, known for its extensive network. However, it wasn't the first to issue an e-Bank Guarantee.

- Option 2: ICICI Bank

- ICICI Bank is a leading private sector bank in India. It has been part of many innovations but is not the first for e-Bank Guarantee issuance.

- Option 3: HDFC Bank

- HDFC Bank is another major private sector bank in India. Known for innovative solutions, it played a significant role in digital banking.

- Correct Answer: HDFC Bank is indeed the first to have issued an e-Bank Guarantee.

- Option 4: Axis Bank

- Axis Bank has been a player in digital banking space, but it wasn't the one to first issue an e-Bank Guarantee.

- Option 5: Union Bank

- Union Bank is a significant public sector bank but not the one credited with the first e-Bank Guarantee issuance.