United Bank of India has signed a Memorandum of Understanding with the Calcutta Stock Exchange Ltd for offering an internet-based equity trading platform. The product, which is targeted towards long term retail investors, is expected to be launched early next month, said a press statement issued by the bank.
According to Bhaskar Sen, Chairman and Managing Director, United Bank, the equity trading platform will benefit investors in non-metros and far flung areas like North-East, who are unable to invest in stock markets due to a lack of adequate infrastructure.
The product will boost the bank’s fee based income and its CASA (Current Account and Savings Bank Account) base.
The mobile version of the product is under development and is expected to be ready in the next six months. Plans are also on to integrate online mutual funds, insurance and schemes such as the Rajiv Gandhi Equity Scheme with the product, the release said.