Tuesday, February 04, 2014

IDBI Bank: Is it reliable as a DEPOSITORY PARTICIPANT?

Many customers who have their demat accounts (for shares) with IDBI Bank are in a state of shock. The December 2013 statements sent by the DP disclose lots of transactions which were not authorised by the customers.

When the matter was reported to IDBI Bank, the bank silently despatched another statement without calling it the corrected statement and without offering any apology or owning their mistake. It is now anybody's guess what went wrong where.

Those customers who have not verified their statements may do so early.

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