Public sector lender United Bank of India Monday announced that it had joined hands with the Calcutta Stock Exchange (CSE) to launch "U-Connect", an integrated online platform for buying and selling shares.
"Our bank has a strong branch network in east and northeast. This product will ensure development of equity culture for our customers in the tier-II and tier-III cities in these regions," United Bank of India chairman and managing director Bhaskar Sen told reporters here.
Sen said that to avail of this service, an investor has to maintain a bank account and a demat account with the Kolkata-based bank.
The bank first introduced the service in ten branches and would soon extend the service to other branches.
"The product will also help in increasing our non-interest income and strengthening the CASA book further," Sen pointed out.
Currently, United Bank's current and savings account (CASA) ratio stood at 40 percent.
Calcutta Stock Exchange (CSE) MD and CEO Madhav Reddy, who was also present on the occasion, said: "Investors will have access to both BSE and NSE online, through this product."