Steel City eyeing tie-ups with national banks

Vizag-based Steel City Securities Limited (SCSL) is trying for tie-ups with two or three national banks to offer financial services other than banking services.

"Today the definition of banking has been enlarged with banks offering different financial services like depository participation, distribution of insurance products, distribution of mutual funds and the secondary market dealings through offline or online in shares, debt and commodities. To tap this vast market, we now want to offer these services to bank customers at very low service charges," G Raja Gopal Reddy, executive director, SCSL, told Business Standard.

SCSL is an ISO 9001-2000 certificate company with about 250 branches spread across the four southern states and 80,000 clientele base. Apart from these, SCSL has experience, expertise, skilled manpower and infrastructure to offer these facilities to banks, he noted.

"We have approached Andhra Bank, Karnataka Bank and Karur Vysya Bank with our proposal. The latter two banks have positively responded to our offer. SCSL may tie up with one or two banks for offering financial segments," he said.

SCSL is a member of the National Stock Exchange, Mumbai Stock Exchange, depository participant for NSDL and CDSL, corporate agent for Birla Sunlife Insurance and member of National Commodities and Derivatives Exchange of India.