Indian Overseas Bank Revolutionizes Banking with Aadhaar OTP & API Services

Indian Overseas Bank celebrates its 89th Foundation Day with the launch of Aadhaar-OTP based account opening and API banking facilities. These initiatives aim to simplify banking for individuals and corporates, adhering to RBI guidelines and enabling real-time transactions, enhancing efficiency and customer experience.

Indian Overseas Bank marked its 89th Foundation Day by rolling out new digital services aimed at streamlining banking operations. The bank introduced Aadhaar-OTP based account opening, allowing customers to set up savings accounts efficiently via its website, aligning with RBI's eKYC guidelines.

Additionally, the bank launched API Banking Services to address automation needs in corporate banking. This service provides a secure entry point for corporates to execute real-time transactions directly from their accounting systems without the hassle of manual data entry.

Ajay Kumar Srivastava, the bank's Managing Director and CEO, emphasized the bank's commitment to digital transformation, aiming to provide seamless, secure, and customer-focused solutions to enhance operational efficiency for both individuals and businesses.

(With inputs from agencies.)