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With the increasing use of the Internet, many tasks have become easier these days. Earlier, for most of the banking-related work, we had to go to the bank again and again, but now they can be done just through a mobile phone. With the entry of technology in the banking sector, opening an account has become easier. Many banks in the country are providing you the facility of opening an account from home. In this series, the public sector Indian Overseas Bank has launched Aadhaar-OTP-based account opening and application programming interface (API) banking facilities on the occasion of its 89th foundation day celebrations. A top official gave this information on Tuesday.

This initiative has been designed to provide simplified banking services to both individual and corporate customers. The Chennai-headquartered bank has started the facility of Aadhaar-OTP-based account opening so that customers can easily open savings accounts through the bank's website.

You will get rid of paperwork.
The bank said, "This digital process follows the Reserve Bank of India's (RBI) 'Aadhaar' OTP-based e-KYC (Know Your Customer) guidelines, ensuring a secure and hassle-free experience. With minimal documentation, customers can open accounts quickly and as per regulatory norms, subject to transaction limits."

API banking facilities launched
At the same time, to meet the growing need for automation in corporate banking, Indian Overseas Bank said it has launched an API banking service, under which corporate customers will be able to make transactions and intra-bank transfers directly from their accounting systems on a 'real-time' basis.

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