Indian Overseas Bank has launched Aadhaar-OTP based account opening and API banking facilities coinciding with its 89th Foundation Day Celebrations. The initiatives were designed to offer simplified banking services to both individual and corporate customers. Bank has introduced an Aadhaar OTP based account opening facility, enabling customers to open a savings account effortlessly through the bank website.
This digital onboarding process adheres to RBI Aadhaar OTP-based eKYC (Know Your Customer) guidelines, ensuring a secure and hassle-free experience. With minimal documentation, customers can quickly open an account, subject to transaction limits as per regulatory norms. Similarly, to aid the growing need for automation in corporate banking, the bank has launched API (Application Programming Interface) Banking service in which corporate customers would be able to conduct transactions, and intra-bank transfers directly from their accounting systems in 'real time' basis.
Indian Overseas Bank is a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.
