Indian Overseas Bank has introduced an Aadhaar-OTP-based account opening facility and API banking service to mark its 89th foundation day.
These initiatives aim to offer seamless and convenient banking services to both individual and corporate customers.
With this new feature, customers can now open a savings account through an Aadhaar OTP-based e-KYC process directly on the bank’s official website, making the process hassle-free.
Bank Account Opening with Aadhaar OTP
Indian Overseas Bank stated that this digital onboarding process complies with RBI’s e-KYC guidelines, allowing customers to open accounts with minimal documentation.
With this facility, an account can be opened instantly, and banking services can be accessed using just an Aadhaar OTP.
However, as per banking regulations, certain transaction limits apply to such accounts.
Revolutionary change for corporate customers
Indian Overseas Bank has also introduced API (Application Programming Interface) banking services, enabling corporate customers to conduct banking transactions directly from their accounting systems.
This service supports real-time transactions and inter-bank fund transfers.
With API banking, corporate customers can seamlessly integrate with the bank’s core banking system, allowing them to automate and streamline financial workflows.
This eliminates the need for duplicate data entry and enhances overall banking efficiency.
Ajay Kumar Srivastava, MD and CEO of IOB, said, “On our 89th Foundation Day, we are committed to driving digital transformation and offering secure, convenient, and customer-focused banking services.
The introduction of Aadhaar-OTP based account opening and API banking services is a significant step in this direction.”
A Step Forward in Digital Banking
The new services introduced by Indian Overseas Bank aim to enhance digital banking by making it more seamless and efficient.
With a quick and hassle-free account opening process for individuals and an automated, real-time banking experience for corporate customers, banking has become more convenient than ever.
