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Initially, this facility would be available on a pilot basis at Mumbai

New Delhi , Nov. 23

Oriental Bank of Commerce (OBC) would soon offer online share trading facility to its demat account holders. For this purpose, the bank has signed a memorandum of understanding with IL&FS Investsmart here on Wednesday.

Initially, the online share trading facility would be available on a pilot basis at Mumbai. This facility would in due course get extended to other branches. Currently, OBC has more than 1 lakh demat accounts spread over 111 branches.

The MoU, which was signed by the OBC Chairman and Managing Director, Mr K.N. Prithviraj, and the IL&FS Investsmart Managing Director and CEO, Mr R.C. Bawa, also provides for the bank's customers to undertake share trading at designated branches.

"Our customers walking into designated branches could trade shares and IL&FS Investsmart personnel at these branches would provide support for share trading," an OBC official said.

OBC officials said the MoU would help the bank in expanding its customer base for savings and current accounts. Till date, OBC customers were able to opt for only bank and demat accounts. They could not undertake online trading of shares.

OBC does not have a subsidiary for capital market services. "We did not see any need for setting up a subsidiary, as capital market services are easily available from other players," a senior OBC official said.

More Stories on : Alliances & Joint Ventures | Financial Services | Public Sector Banks | Oriental Bank of Commerce

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