IOB Introduces Aadhaar-OTP Based Account Opening and API Banking Services. Banking & Finance | Dated: 22 Feb 2025 On February 18, 2025, Indian Overseas Bank (IOB), a public sector bank based in Chennai, Tamil Nadu, celebrated its 89th Foundation Day by launching Aadhaar-OTP-based account opening and Application Programming Interface (API) banking services. 🎯 Key Highlights: - This move addresses the increasing demand for automation in corporate banking and aims to enhance banking services for individual and corporate customers. 💡 Other Important Facts: (i) The digital onboarding procedure follows the Reserve Bank of India's (RBI) Aadhaar OTP-based eKYC (electronic Know Your Customer) guidelines, providing a secure and smooth experience for customers. (ii) Customers can open accounts easily through the bank's website with minimal documentation, subject to regulatory transaction limits. (iii) API Banking allows corporates to streamline, automate, and improve financial processes by integrating transactions initiated in corporate accounting systems with the bank’s core banking system, reducing the need for manual data entry and duplication. 📚 Test Your Knowledge: Which Bank launched Aadhaar-OTP based account opening and API banking services on February 18, 2025? Correct Answer: IOB 🚀 Quick Recap: