BoR ties up with IDBI to provide online trading to its customers

Mumbai, Nov 28 (UNI) In its bid to add new products to its kitty of banking products, the Bank of Rajasthan Ltd (BoR) has entered into a Referral Arrangement with IDBI Capital Market Services Ltd under which more than 20 lakh customers of BoR across the country will be able to use the online broking/trading facility of the IDBI Capital Market Services.

Under the Referral Arrangement, any customer of the BoR, maintaining an Internet banking enabled SB/Current Deposit Account and DP A/c, at any of the bank's online branches, willing to online trading will be required to open a trading/investment account with IDBI Capital Market Services Ltd, said a bank's release here today. After opening the trading/investment account, customer's deposit (SB/CD) account and the DP account will be integrated with the customer's trading/investment account with IDBI Capital Market Services Ltd.

The site of IDBI Capital Market Services Ltd will facilitate the customers of the bank to get online quotes of the shares and will help the customers in deciding about the shares and securities to be traded.

By using the site of IDBI Capital Market Services Ltd, the customers will be able to sell shares/securities only to the extent of his free holding in DP account. Similarly, the customers can buy shares/securities only to the extent of the credit balance available in the deposit (SB/CD) account. Under the arrangement, IDBI Capital Market Services Ltd will manage the entire back office transactions relating to the trades.

The bank has already provided the internet banking and demat account facilities to its customers. Launching an aggressive campaign to add demat accounts, the bank has announced the waiver of annual maintenance charges to those who open demat account until November 30.

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