Indian Bank on Friday said it has been empanelled as a Clearing and Settlement Bank with the Indian Clearing Corporation Ltd (ICCL).
The public sector bank can now facilitate banking services to members of BSE for clearing and settlement operations.
“Now, the clearing members can open settlement accounts with the Bank for funds settlement under equity derivatives segment,” the bank said in a statement.
“The proposal to extend this facility to the members of NSE is under active consideration,” it added.
The bank also launched the e-TDR product for online transmission of FDR and margin with ICCL on behalf of the clearing members with its dedicated branch – Fort, Mumbai.