Indian Overseas Bank Launches Aadhaar-OTP Account Opening and API Banking Services

Chennai, Feb 19 (KNN) Public sector lender Indian Overseas Bank (IOB) has introduced Aadhaar-OTP based account opening and API banking services to mark its 89th Foundation Day celebrations.

These initiatives aim to simplify banking services for both individual and corporate customers.

The Chennai-headquartered bank has rolled out an Aadhaar-OTP based savings account opening facility, allowing customers to open accounts seamlessly via the bank's website.

The digital onboarding process complies with the Reserve Bank of India's (RBI) Aadhaar OTP-based eKYC (Know Your Customer) guidelines, ensuring a secure and hassle-free experience.

With minimal documentation, customers can swiftly open accounts, subject to transaction limits as per regulatory norms.

To meet the rising demand for automation in corporate banking, IOB has also launched its API (Application Programming Interface) Banking service.

This facility enables corporate customers to conduct transactions and intra-bank transfers in real-time directly from their accounting systems.

API Banking provides a secure gateway for corporates to automate, optimize, and enhance financial workflows. Transactions initiated within corporate accounting systems integrate directly with the bank’s Core Banking System, eliminating redundant data entry and manual intervention.

Ajay Kumar Srivastava, Managing Director and CEO of IOB, emphasised the bank’s dedication to digital transformation. “As we celebrate another milestone in IOB’s journey, our focus remains steadfast on delivering seamless, secure, and customer-centric banking solutions.

The introduction of Aadhaar OTP-based account opening and API Banking aligns with our commitment to making banking simpler and more efficient for individuals and businesses alike,” he stated.

With these digital initiatives, IOB aims to enhance customer experience and strengthen its presence in the evolving banking landscape, reinforcing its position as a forward-thinking financial institution.

(KNN Bureau)