Indian Bank Joins ICCL as Clearing and Settlement Bank

Indian Bank Joins ICCL as Clearing and Settlement Bank

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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Indian Bank Joins ICCL as Clearing and Settlement Bank: Key Points

• In a statement, the bank mentioned that clearing members can now establish settlement accounts with them for the purpose of fund settlement in the equity derivatives segment.
• Furthermore, the bank is actively considering extending this facility to the members of the National Stock Exchange (NSE).
• Additionally, the bank has introduced an e-TDR (electronic Term Deposit Receipt) product, in collaboration with ICCL, to enable online transmission of Fixed Deposit Receipts (FDR) and margin on behalf of the clearing members.
• This service is available through the bank’s dedicated branch located in Fort, Mumbai.
• Indian Bank has partnered with Indian Clearing Corporation Ltd. (ICCL) to serve as its Clearing and Settlement Bank.
• At an event, Mahesh Kumar Bajaj, Executive Director of Indian Bank, exchanged the agreement with Devika Shah, Managing Director and CEO of ICCL to formalize the bank’s empanelment.
• Indian Bank will now provide banking services to members of the Bombay Stock Exchange (BSE) for clearing and settlement operations.
• Clearing members can open settlement accounts with Indian Bank to facilitate fund settlement in the equity derivatives segment.

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.

Important Takeaways For All Competitive Exams

• MD and CEO of Indian Bank: Shri Shanti Lal Jain
• Executive Director of Indian Bank: Mahesh Kumar Bajaj
• Headquarter of Indian Bank: Chennai, Tamil Nadu

Also Read: Bank of Maharashtra Emerges as Top Performer in NPA Management during FY23