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Tuesday, May 23, 2006

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Indian Bank launches DP services

M. Ramesh

Chennai , May 22

Indian Bank has launched its Depository Participant services. There are two main implications of this new service. First, it will be another service offered to the bank's 1.15-crore retail customers and also fetch the bank commission income. Second, with the DP facility available, the bank's subsidiary, Indbank Merchant Banking Ltd will be in a better position to commence share broking services. Sources said that a customer could open a DP account with any branch that was in the bank's core banking network. They noted that even if 10 per cent of the customers opened DP accounts, the bank would have over a million accounts.

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