Indian Overseas Bank has launched Aadhaar-OTP based account opening facility and API banking service on the occasion of its 89th foundation day.
These new facilities are aimed at providing simple and convenient banking services to individual and corporate customers. Now customers can open a savings account under Aadhaar OTP-based e-KYC process through the bank’s official website without any hassle.
Bank account will be opened with Aadhaar OTP
Indian Overseas Bank said that this digital onboarding process follows RBI’s eKYC guidelines, so that customers can open their account without much documentation process. In which you can open an account immediately and avail banking facilities only through Aadhaar OTP. However, according to banking rules, there are some limits on the transactions of such accounts.
Revolutionary change for corporate customers
Indian Overseas Bank has also launched API (Application Programming Interface) banking service, which allows corporate customers to carry out banking transactions directly from their accounting system. This service will provide the facility of real time transactions and inter-bank fund transfer. Through API banking, corporate customers can automate and optimize financial workflow by connecting directly to the bank’s core banking system. This facility eliminates the need for double entry and provides a more efficient banking experience to customers.
Ajay Kumar Srivastava, MD and CEO, IOB said, “On our 89th Foundation Day, our focus is on driving digital transformation and providing easy, secure and customer-centric banking services to customers. The launch of Aadhaar-OTP based account opening and API banking services is an important step in this direction.”
One more step towards digital banking
Both these services launched by Indian Overseas Bank will help make digital banking more seamless and effective. Fast and easy account opening facility for individual customers and automated and real-time banking experience for corporate customers has now become more convenient than ever.
