Indian Bank empanelled as a Clearing and Settlement Bank with ICCL

Indian Bank He said on Friday that it has been activated as a clearing and settlement bank with Indian Clearing Corporation Ltd (ICCL).

A public sector bank can now facilitate BSE members’ banking services for clearing and settlement operations.

“Now, clearing members can open settlement accounts with the bank to settle funds under the equity derivatives segment,” the bank said in a statement.

“The proposal to expand this facility to NSE members is under active consideration,” she added.

The Bank has also launched an e-TDR product for online and margin FDR transfer with ICCL on behalf of clearing members through its dedicated branch – Fort, Mumbai.