Business Daily from THE HINDU group of publications
Tuesday, May 01, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, May 01, 2007 ePaper |
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Money & Banking
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Alliances & Joint Ventures Markets - Financial Services L.N. Revathy
Karur April 30 Karur Vysya Bank has inked an MoU with IDBI Capital Market Services for offering online trading facility and Depository Participation Services. The demat services would be available at KVB from June 1. The bank proposes to initially make this service available through 13 of its major branches and extend it across its 270-plus branch network in a phased manner. The KVB Chairman, Mr P.T. Kuppuswamy, said the service would be available in 70 to 80 branches in the first year of the roll out. The bank has already obtained an in-principle clearance from National Securities Depository Ltd and commenced the work for putting the systems in place before the actual launch. "We have pre-empted the signing of the MoU to extend the online trading facility from the day-one of the launch of demat services," he said.
More products
The bank has plans to introduce more such technology-backed products, he said, but declined to elaborate further. He said five to six products were in the pipeline. IDBI Capital Market Services, according to its Managing Director and CEO, Mr Sushil Muhnot, has tied-up with Punjab National Bank, IDBI, Oriental Bank of Commerce and Bank of Rajasthan for offering the online trading facility, but KVB is the first bank in the South with which it has inked the agreement for online trading and Depository Participation Service. "The offer of two products comes as a total solution. Not many banks offer both," he said. The idbi Paisabuilder.in online investment portal, he said was designed to provide investors, timely and right information, tool to understand companies better by giving the balance sheet and profit and loss account of 4,500 listed companies, giving recommendations of the top 15 Indian brokers and having a portfolio tracker for retrieving investment.
Better reach
The Deputy Managing Director of IDBI Ltd, Mr O.V. Bundellu, emphasised the need for better reach of innovative financial products. "No one bank can do that today. Banks have to share for better reach," he said, substantiating the tie-up of IDBI Capital Market Services with different banks. IDBI Capital Market Services has, within a year of the launch of the product brought 25,000 customers within its fold. It is aiming to take it to 1.25 lakh investors by the close of this fiscal.
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