IndBank launches trading portal

IndBank Merchant Banking Services Ltd, the subsidiary of Indian Bank, has announced the launch of 'IndBankOnline', an online trading facility.

The trading portal, which would enable the customers to execute trade and stock dealings online, was inaugurated by K C Chakrabarty, chairman and managing director, Indian Bank, in Chennai.

IndBank has entered into an agreement with Indian Bank for providing online trading facilities to Indian Bank customers. Under this facility, customers are required to open a demat account and a net banking account with the Indian Bank and also, an online trading account with IndBank.

The online portal would be beneficial to the customers having accounts with the core banking solutions' (CBS) branches of Indian Bank for stock market dealings.

IndBank is planning to increase its fee-based business operations by including futures and options and portfolio management services.

The Chennai-based bank has announced plans to set up six more branches in Kolkata, Hyderabad, Baroda, Puduchery, Madurai and Tirunelvelli in 2006-07 and an additional six branches in 2007-08.