Indian Bank, ICCL in clearing-settlement pact

CHENNAI: Indian Bank entered into agreement with Indian Clearing Corporation Ltd. (ICCL) as its Clearing and Settlement Bank. Mahesh Kumar Bajaj, ED, Indian Bank exchanged the agreement with Devika Shah, MD-CEO, ICCL to formalise Bank’s empanelment at a recently held event. Indian Bank will now facilitate banking services to members of BSE, Mumbai for clearing and settlement operations.

The clearing members can open settlement accounts with the Bank for funds settlement under equity derivatives segment.

The proposal to extend this facility to the members of NSE is under active consideration. Further, Indian 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.