City-based United Bank of India, and the Calcutta Stock Exchange Ltd., one of the oldest stock exchanges of the country, on Monday announced the launch of U-CONNECT, an integrated online platform for buying and selling shares.
There are plans to integrate online mutual funds, insurance schemes and tax-savings schemes such as Rajiv Gandhi Equity Scheme within this product in the near future. The product is expected to promote equity culture in the Tier-II and III cities, especially in the east and north-east, where UBI has a strong presence.
It would also help the bank in augmenting its non interest income, according to its Chairman and Managing Director Bhaskar Sen.
To avail this service, one only needs a bank account and a demat account with UBI. The roles of the individual brokers have been limited to punching in the transactions on the exchange terminals while the settlement obligations would be managed by CSE Ltd. “The investors will have access to both BSE and NSE, through this product” said Madhav Reddy, Managing Director and Chief Executive Officer of CSE Ltd.
Initially, the product would be available in select branches of UBI in Kolkata and shall soon be extended to the select branches of all major cities in India.
There are plans to integrate online mutual funds, insurance schemes and tax-savings schemes