India Infoline to provide online trading services for Bank of Baroda customers

India Infoline Ltd has announced that on January 25, 2007, Bank of Baroda announced the launch of its "Online Trading services" for its customers in Mumbai, as a step forward in its plan, to provide Comprehensive Suite of Products and Services under Wealth Management initiative. The Bank has entered into an alliance with the Company for providing Brokerage Platform, besides research and analysis services to the customers.

Christened as "Baroda e-trading", this offering will offer multiple options to the customers for trading in equity shares, online or off-line, on NSE or BSE, in cash segment as well in derivatives segments from the same screen. The customers shall also have the option of depositing cheques and the system will automatically update the broker ledger of the client and set limit for trading. The customers will also have the benefit of well-researched information about various corporates and also have access to live movements of prices in the stock exchanges.

Speaking at the launch function, Dr. Anil Khandelwal, Chairman & Managing Director, Bank of Baroda, said "With the launch of this service, we have taken one more step towards fulfilling our aspiration of being the Multi-specialist Bank - Indian bank of International standards. Our customers will now be able to enjoy a superior trading experience with seamless integration of state of the art technology, our banking expertise and trading platform of India Infoline. Our unique offering will allow our customers to transfer funds online and receive immediate limits against the same. Further they will have the advantage of trading over the best online trading platform in the country powered by India Infoline.

We had evaluated a lot of options when choosing partner for this initiative and I am glad to say that in India Infoline we have chosen the best and so will be able to provide our customers with the best of experience. With this partnership, we can add significant value to the customer simply by leveraging our franchise. This will mark a major step in our initiative to offer Wealth Management Services to our customers"

Mr. Nirmal Jain, Chairman & Managing Director of the Company, said at the occasion, "Online trading is one of the fastest growing segments in the market and it currently contributes to almost 12% of the overall market volumes. With the growing Internet penetration coupled with increasing familiarity with the medium, online trading is set to take off in a big manner. This alliance is a good opportunity to the millions of customers of Bank of Baroda to become a part of the Indian stock market revolution. They will be able to trade in both the BSE as well as the NSE. Besides, they will also be able to trade in the cash as well as the derivatives segments of the market. They can also harness well-researched information provided through the Web which has been acknowledged even by Forbes as the best. The icing on the cake is that they will be able to do all this on a single screen. This will also be a big step in our endeavor to make available the advantages of stock market investing to the people living in the Class B and C towns. Now a larger chunk of the population, hitherto unexposed to equity investing, will now be able to access and benefit from a resurgent India."

Speaking on the occasion Mr. V Santhanaraman, Executive Director, Bank of Baroda said "With Baroda e-trading, the bank will be able to extend its offerings beyond the realm of traditional, banking while at the same time adding tremendous value to the customers."

Source : Equity Bulls

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