According to a recent press report Syndicate Bank has tied up with the Asit C. Mehta Investment Intermediates (ACMILL) for online trading.
Reports said that the launch of ‘Synde e-Trade’ will enable the customers of the bank to invest in diversified Portfolio like Equities, Derivatives, and Initial Public Offerings.
Mrs. Deena Mehta, Managing Director, ACMILL said that the customers of the Syndicate bank who have the Bank and Demat account can open this online investment account with their Investment Intermediaries for trading.
The customers of the bank can place their order through the Mobile or Phone Calls; it is possible through the flexibility in the link between the bank and Demat account.
Mr. M. Anjaneya Prasad, Executive Director, Syndicate Bank announced that one Staff Member of each Branch will be given training on this new trading option and that it has come into action in Mumbai Branch, around 128 accounts have been opened in this region.
Reports said that the Bank is having 1.5 customers, as an added future the bank will not charge any fees for these transactions. Currently the bank profit when compared with the previous year is increased to 36.2 percent amounted Rs 322.94 crore.
Additional Reading: Syndicate Bank creates vertical to recover ₹27,000 crore NPAs
Syndicate Bank was established in 1925 in Udupi. Bank offers products and services like deposit schemes, loans – personal loan, agricultural loan and other priority sector loans, banking facility for NRIs, e-banking facility with Centralized Banking Solution (CBS).