Hdfc Is Clearing Bank For Cse
Calcutta Stock Exchange (CSE) has appointed HDFC Bank as a clearing bank for its exchange. The bank offers a wide scope of services and includes facility for on-line interface with CSE trading system, automated settlements and electronic funds transfers with the unique combination of depository services since HDFC Bank is also a depository participant of the NSDL.
Additionally, loans against shares and guarantee facilities have been packaged by the bank specifically for the CSE members. This arrangement will help the CSE members to meet all their requirements under one roof, reducing the transaction time, and increasing banking efficiency.
Mahesh Bajaj, vice president, CSE, said, "With the increasing volumes in the exchange and setting up of settlement guarantee fund, the exchange felt the need for another bank". HDFC Bank was chosen as it has the relevant experience in this segment which will help the members of CSE considerably.
H Srikrishnan, head-country operations, HDFC Bank said, "The bank has been very active in the capital market infrastructure segment after appointment as a clearing bank to the National Stock Exchange in January 1997 and now handles about 80 per cent of the weekly clearing volumes".
In addition to NSE, the bank has also been providing clearing bank services to OTCEI and ASE. With the addition of CSE the members holding multiple membership can trade on different exchanges by maintaining a single bank account.
The bank has a full-fledged operation set up at Calcutta which presently through a dedicated team handles 75 per cent of the NSE business of Calcutta and will provide synergy of services to CSE members.
HDFC Bank will shortly open an additional branch close to the stock exchange to cater to the banking requirements of the stock exchange members specifically.
HDFC Bank is promoted by HDFC, India's premier housing finance company and concentrates on four key business areas - corporate banking, treasury and capital markets, capital markets infrastructure and retail banking. The retail banking division offers a wide range of deposits, asset products with state-of-the-art system thereby providing convenient banking services to individual customers.