SBI To Tie Up With Motilal Oswal For Online Trading

India’s largest bank State Bank of India (SBI) may enter online trading. The public sector bank which has the largest number of branches in India (9,500 or so) may enter into a strategic alliance with the Mumbai-based brokerage Motilal Oswal Securities for e-trading, reports The Economic Times. SBI could be the first PSU bank to enter online trading. Currently the banks that provide these services are ICICI Bank (ICICIdirect.com), HDFC Bank (HDFCsec.com) and Kotak Mahindra (KotakStreet.com).
Trading with a bank is always convenient since the cash transfer in and out of the broking divsision is seamless and instant. In other cases, it could take a day or two. Online trading can get hotter with the entry of new players like SBI.
E*Trade has recently upped its stake in IL&FS Investsmart to 22.5 per cent. It’s likely E*Trade will bring its international expertise in expanding the online trading business of IL&FS Investsmart.
SBI’s partnership with Motilal Oswal Securities is expected to make their online trading platform a formidable entity in this business. Motilal Oswal has some 1.75 lakh customers with it already.
However, I am not sure how easy is going to be navigating the SBI online account (OnlineSBI.com).

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