The Hindu Business Line : IOB launches two products

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Chennai Feb. 12 Indian Overseas Bank today announced the launch of two products — an online broking facility for the bank's customers and a foreign currency pre-paid travel card for overseas travellers.

`IOB Insta Invest' is offered in collaboration with Man Financial-Sify Securities India Pvt Ltd, (which is a 70:30 stock and commodity broking joint venture of the UK-based Man Financial and Sify Securities).

IOB will provide the payment gateway and the partner will provide the trading platform. The bank's customers would be able to access Man Financial-Sify portal for instructions to buy or sell shares and have their bank accounts credited or debited accordingly.

The other product, `Overseas Cash' is a foreign currency pre-paid travel card. This is not a smart card — the pre-paid value is recorded in IOB's server.

The card is meant to replace travellers cheques but has a few advantages over travel cards — the cards could be used to draw money from ATMs and the cardholder could have more value put into the card by sending an e-mail instruction to the bank from wherever he is.

The card is being issued in association with VISA International.

At a press conference held here to announce the launch of the products, IOBChairman and Managing Director, Mr T.S. Narayanasami, said that the merger of Bharat Overseas Bank with IOB was imminent.

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