Page 23 - Banking Finance March 2022

PRESS RELEASE

LKP Securities Ties up with HDFC Bank Ltd. to Launch 3-in-1 Account

LKP Securities Ltd. has entered into an arrangement with options market. The clients can access their account details
HDFC Bank Ltd to offer a special 3-in-1 online account. on desktops and smartphones to track their investment
Under this facility, customers of LKP Securities Ltd. can portfolio as well.
complete thier bank account opening formalities and gain “At LKP Securities Ltd., our endeavours have always been
added benefits of broking and demat account.
to make investing simpler, seamless and hassle-free for our
The 3-in-1 account offers a host of benefits including no clients. Our 3-1in-1 online account with multiple utility
annual maintenance charges (AMC) for one year from the features and benefits brings in a superior investing
trading account opening date and waiver on brokerage experience. It presents an impeccable mix of banking and
charges of up to Rs 500 for one month from the date of investing, enabling our clients to leverage all market
demat account opening. The demat and trading accounts opportunities. We would like to thank HDFC Bank Ltd. for
also provide the facility to trade in other segments like agreeing to be a part of the initiative, doubling the trust
commodities and currency. for us and the investors,” stated Pratik Doshi, Managing
The 3-in1 account facilitates swift fund transfer between Director at LKP Securities.
the bank account and trading account as clients no longer “This joint initiative with LKP Securities Ltd. aims to deliver
have to go through a lengthy authentication process. A an enhanced customer experience by offering ease of
secure online account opening process enables them to opening trading, demat and bank account digitally with a
open the 3-in-1 online account. They can start trading in single journey in a seamless manner. Customers will also
NSE, BSE and MCX shares using the mobile trading app benefit from HDFC Bank Ltd. wide range of banking
GETSETGROW@LKP which can be downloaded from Google products. This kicks off an exciting journey which will allow
Play Store and Apple App Store. LKP Securities Ltd. and HDFC Bank Ltd. to explore untapped

The clients of LKP Securities Ltd. can also monitor their opportunities in the broking-banking space,” said Mr. Anand
trading portfolio, transact in mutual funds, apply for all IPOs Mankodi, Business Head - Capital Markets and Financial
using the app with E-IPO and trade in the futures and Institutions Group, HDFC Bank Ltd.

No decision on bank privatisation, merger of insurance PSUs put

on hold
The Finance Ministry said a decision is yet to be taken on the privatisation of the Public Sector Banks. At the same
time, merger of three public sector general insurance companies has been put off.
Junior Minister in the Finance Ministry Dr Bhagwat Karad said in a written reply in Lok Sabha said that as per inputs
received from the Department of Investment and Public Assets Management (DIPAM), the government has not yet
decided on the banks that are to be privatised. "The amendments to the relevant Acts are required to be done
before initiating the process of privatisation," he said.
Finance Minister Nirmala Sitharaman, in her budget speech of FY2021-22, had announced that two of the public
sector banks would be privatised. She had also announced that a bill will be introduced. However, this bill is yet to
be listed for introduction in the Parliament. It seems strong protests from the employee unions and elections in five
States have stopped the process.
Meanwhile, Karad said that the government has received representations from the bank unions wherein they have
expressed their views and concerns on the matter of privatisation of banks. Further, "DIPAM has informed that the
representations with regard to strategic divestment of CPSEs and banks received from various stakeholders including
the employee's unions from time to time are duly examined as per the extant disinvestment policy of the govern-
ment," he said.

BANKING FINANCE | MARCH | 2022 | 23