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Oriental Bank Sign MOU with IL&FS
New Delhi November 23, 2006
ORIENTAL BANK OF COMMERCE today signed Memorandum of
Understanding with IL&FS Investsmart for providing
ONLINE/OFFLINE Trading facility in shares to its DMAT account
holders.
OBC has a customer base of more than one lac account
holders availing DMAT facility through its 111 branches in
respect of both the depositories (NSDL & CDSL).
With this facility, DMAT account holders shall have the
trading facility through Internet (Online) and at the
designated branches for Offline trading, i.e. Comprehensive
Investment solutions shall be available to the customers.
With the economy growing by more than 8% and the BSE sensex
crossing 13,500 mark, MOU with IL&FS Investsmart will provide
our DMAT customers all the facilities at one place. This would
help the Bank to expand its product offering i.e. Banking,
Trading facility and Depository.
OBC is now serving customers through its 1214 branches and
102 extension counters. The Bank provides Bancassurance and
Mutual Fund products to its customers. Extending DMAT Accounts
with Online/Offline trading facility will be another milestone
in converting its branches into a One Stop Shop for a variety
of Banking and financial products and services.
With this alliance composite facilities shall be available
to the customers/clients of the Bank and IL&FS Investsmart,
said K.N. Prithviraj, Chairman & Managing Director, Oriental
Bank of Commerce, while signing the MOU on Wednesday.
On this occasion, R.C. Bawa, Managing Director & CEO, IL&FS
Investsmart said that this understanding augurs well for the
Company as it would benefit from the wide reach and nationwide
presence of OBC.
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