SBM launch e-Trading services

Bangalore, Sep 19: The State Bank of Mysore (SBM) today launched e-Trading service to provide triple-benefit of the Bank account, D-Mat account and Internet Trading account under one umbrella.

Speaking to newspersons after the launch, SBM Managing Director P B Pattanayak said the facility was being offered to customers in association with SBICap Securities Limited, and would be available at its identified branches in Bangalore, Mumbai, Chennai, Surat, Ahmedabad and Hyderabad.

Stating that this was for the first time e-Trading facility was being introduced in Karnataka, Mr Pattanayak said the service would help the customers to get multiple benefits, including free from risk of loss, bad deliveries, funds transfer, online pay and payout requests, access to latest research reports and high-level of security to ensure privacy of information.

''All these services are being provided at competitive charges,'' he added.

Outlining the features of the SBM e-Trading facility, Mr Pattanayak said it would allow customers to trade on BSE and NSE-Equity and derivatives segment without the hassles of running to the broker's office for placing orders or transfer of stocks by filling up delivery instruction slips for their D-mat accounts.

Mr Pattanayak said the turnover of the bank had crossed Rs 40,000 crore at the end of August 2007, while all its 649 branches across the country was brought under the ambit of Core Banking Services (CBS).

Mr Sridhar Raju, Managing Director SBICap Securities Limited (SSL), who was also present said e-Trading facility would be extended to all the Associate banks of State Bank of India (SBI).

UNI