BSE empanels Dhanlaxmi Bank as a Clearing and Settlement bank

The Bombay Stock Exchange (BSE), Asia's oldest bourse and Dhanlaxmi Bank, today entered into an agreement which empanels Dhanlaxmi Bank as its clearing and settlement bank.

The Bank offers a number of innovative capital market products to its customers and has recently announced the launch of its E-broking services.  

Mr. Rajeev Deoras, Head, Wholesale Banking, Dhanlaxmi Bank said, “We are extremely pleased to announce our association with BSE as the Clearing and Settlement Bank.  The Bank will provide a seamless interface to all BSE customers to enable a safe and easy transaction on a day-to-day basis. The association will give us the desired visibility and an opportunity to Bombay Stock Exchange (BSE), the oldest stock exchange in Asia. The Bank offers a number of innovative capital market products to its customers and has recently announced the launch of its E-broking services.  The Bank aims to be amongst the showcase our team’s knowledge base and technological strength required to manage a noteworthy task like this.”

Dhanlaxmi Bank in recent past has embarked on a high growth expansion strategy. The Bank has reoriented its team, has expanded its presence pan India and has also introduced several new and innovative products for its customers. The Bank today has a fully integrated technology platform to support all its financial service offerings and its backend processes.

“We welcome Dhanlaxmi bank in our clearing and settlement banks’ fold. The bank has dedicated business verticals backed by high end technology platform. As a part of their initiative to become a full fledged universal banking group they have entered the growing business of Clearing and Settlement in the Capital Markets segment. With this alliance, we hope to leverage the bank’s expertise and attract more customers of the Bank to trade through BSE”, added Madhu Kannan, MD & CEO, BSE.

About Dhanlaxmi Bank: 
‘The Dhanlakshmi Bank Ltd’ (Bank) was incorporated in 1927, at Thrissur and became a Scheduled Commercial Bank in the year 1977. The bank provides a suite of banking products and services to serve both resident Indians and non-resident Indians. It services its customers, across the nation, through its wide network of branches and ATMs. The Bank plans to add 66 branches and 380 ATM’s, spread across the country by end of the current financial year.

As of March 2009, the Bank had a total net worth of over INR 400 crores, total deposits worth INR 4969 crore and advances worth INR 3245 crore. It had booked a profit of INR 57.45 crore in the last financial year.

On the socio-economic front, the Bank is a leading player in dispensation of Micro Credit among Kerala-based Banks, both public and private. As at the end of March 2009, it had an outstanding of INR 124.40 Crore under micro credit.

About Bombay Stock Exchange:
Bombay Stock Exchange is one of India’s leading exchange groups and has played a pre-eminent role in the development of the Indian capital market. BSE is a corporatised and demutualised entity, with a broad shareholder-base which includes two leading global exchanges, Deutsche Börse and Singapore Exchange as strategic partners.

BSE provides an efficient and transparent market for trading in equity, debt instruments and derivatives. It also provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and training. It has a global reach with customers around the world and a nation-wide presence. BSE systems and processes are designed to safeguard market integrity, support the growth of the market in India, and stimulate innovation and competition across all market segments. The BSE Training Institute is at the forefront of educating market participants on currency and interest rate derivatives.