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Indian Bank announced that it has been selected as a Clearing and Settlement Bank by the Indian Clearing Corporation Ltd (ICCL). As a result, this public sector bank is now authorized to provide banking services to members of the Bombay Stock Exchange (BSE) for clearing and settlement operations.
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There are plans to extend this service to members of the National Stock Exchange (NSE) as well. Additionally, Indian Bank has introduced the e-TDR product, enabling online transmission of Fixed Deposit Receipts (FDR) and margin with ICCL on behalf of clearing members, through its dedicated branch in Fort, Mumbai.
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