Allahabad Bank Opens Depository Participant Services in Mumbai

Shri O.N. Singh, Chairman & Managing Director of Allahabad Bank inaugurated today a full-fledged Depository Participant (DP) Service in Mumbai. The Depository Participant at Mumbai will function from Fort Mumbai Branch, which is a totally computerised Branch and located just opposite to Jee Jeebhoy Towers housing the Bombay Stock Exchange.

Speaking on the occasion Shri O.N. Singh informed that the DP in Mumbai is the fifth DP of Allahabad Bank in the country. The Bank opened 3 DPs in Varanasi, Lucknow and Kanpur Bank during the last financial year to keep pace with the growing demand of the retail investors.

Shri Singh elaborated the benefits of opening an account with the DP namely (i) Instant transfer of shares – no delays / Instant liquidity (ii) No stamp cost at the time of transfer (iii) No loss of certificates / No soiled, mutilated or forged documents (iv) No problem of odd lots, even one share is tradable (v) Direct credit of public/bonus/right issues (vi) Freeze/Defreeze/Locking Facilities and (vii) Pledge/Hypothecation facilities available.

Shri Singh also observed that there has been an upswing in the demand for opening Demat Accounts in Depository Participants during the last couple of years and this huge surge may be attributable to the favourable market conditions. The Bank is therefore in the process of adding another 4/5 DPs to its list during the current financial year to boost fee-based income.

Addressing the gathering, Shri Singh further said that Allahabad Bank has been constantly trying to increase its operational efficiency and pass on the entire benefits of increased efficiency to the customers. As a step towards this direction, Allahabad Bank has decided not to levy any Demat charge for shares of Allahabad Bank.

Shri Singh concluded by saying that Allahabad Bank is marching ahead with all-round improvements under all major business parameters. The Bank is now all set to become a truly world class Bank with global standard of service.