Indian Overseas Bank gains on launching Aadhaar-OTP based account opening, API banking facilities
Indian Overseas Bank is currently trading at Rs 46.02, up by 0.85 points or 1.88% from its previous closing of Rs 45.17 on the BSE.
The scrip opened at Rs 45.06 and has touched a high and low of Rs 46.39 and Rs 44.50 respectively. So far 145235 shares were traded on the counter.
The BSE group 'A' stock of face value Rs 10 has touched a 52-week high of Rs 75.45 on 28-May-2024 and a 52-week low of Rs 44.50 on 19-Feb-2025.
Last one week high and low of the scrip stood at Rs 48.65 and Rs 44.50 respectively. The current market cap of the company is Rs 86913.29 crore.
The promoters holding in the company stood at 96.38%, while Institutions and Non-Institutions held 1.32% and 2.29% respectively.
Indian Overseas Bank has launched Aadhaar-OTP based account opening and API banking facilities coinciding with its 89th Foundation Day Celebrations. The initiatives were designed to offer simplified banking services to both individual and corporate customers. Bank has introduced an Aadhaar OTP based account opening facility, enabling customers to open a savings account effortlessly through the bank website.
This digital onboarding process adheres to RBI Aadhaar OTP-based eKYC (Know Your Customer) guidelines, ensuring a secure and hassle-free experience. With minimal documentation, customers can quickly open an account, subject to transaction limits as per regulatory norms. Similarly, to aid the growing need for automation in corporate banking, the bank has launched API (Application Programming Interface) Banking service in which corporate customers would be able to conduct transactions, and intra-bank transfers directly from their accounting systems in 'real time' basis.
Indian Overseas Bank is a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.
