IOB Launch Eases Account Opening

Chennai: Public sector Indian Overseas Bank has launched Aadhaar-OTP based account opening and API banking facilities coinciding with its 89th Foundation Day Celebrations, a top official said on Tuesday. The initiatives were designed to offer simplified banking services to both individual and corporate customers.

The city-headquartered 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”, the bank said in a press release here. Similarly, to aid the growing need for automation in corporate banking, Indian Overseas Bank said it 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.

With API Banking, the bank provides a secure gateway, enabling corporates to automate, optimise and enhance financial workflows. Transactions initiated within corporate accounting systems are directly integrated with the bank’s Core Banking System, eliminating the need for redundant data entry and manual intervention. “As we celebrate another milestone in IOB’s journey, our focus remains steadfast on delivering seamless, secure and customer-centric banking solutions.