The Hindu : Business : OBC, IDBI Capital sign pact

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Thursday, Mar 22, 2007
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Business

OBC, IDBI Capital sign pact

Special Correspondent

To offer online trading to bank customers through a web portal

— PHOTO: S. SUBRAMANIUM

FROM SAVER TO INVESTOR: O. V. Bundellu (left), Deputy Managing Director, IDBI, exchanging documents with Allen C. A. Pereira (right), Executive Director, Oriental Bank of Commerce, after signing an agreement in the presence of K. N. Prithviraj, Chairman and Managing Director, OBC, in New Delhi on Wednesday.

NEW DELHI: Oriental Bank of Commerce and IDBI Capital, a subsidiary of IDBI, on Wednesday signed a memorandum of understanding to offer online trading to bank customers through a web portal. The tie-up will enable around 8.8 million bank customers across the country to invest and sell stocks at the Bombay and National stock exchanges through online trading, besides accessing expert advice about different stocks.

After signing agreements with Canara Bank and HSBC for setting up a joint venture for the insurance sector and an alliance with Indian Bank and Corporation Bank, it was another milestone for OBC's efforts to provide different services to its customers, Oriental Bank Chairman and Managing Director K. N. Prithviraj told reporters here.

The bank had also plans to provide service of trading through mobile phones to its customers, he said.

Asked about the liquidity pressure, the Chairman said there was at present no pressure on liquidity and the bank was hopeful of achieving all its targets in respect of bank advances, deposits and the business volume.

He said the bank was getting as much as Rs. 25-30 crore deposits every day since the recent hike in the interest rate on deposits to 9.5 per cent for 300 days.

The bank had already achieved 23 per cent year-on-year growth in the business volume of over Rs. 1,00,000 crore, he said.

According to Mr. Prithviraj, the bank has so far opened 119 new outlets, including 61 new branches, during the current financial year. The bank hoped to open another 11 branches in April-May as per the licences granted by the Reserve Bank of India.

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