South Indian Bank

South Indian Bank Ltd (SIB)

Type	Private BSE & NSE
Industry	Banking Financial Services Insurance Capital markets
Founded	1929
Headquarters	SIB House, Mission Quarters, Thrissur City, Kerala, India, 680001
Key people	Sri. V.G. Mathew, Managing Director & CEO
Products	Loans, savings, investment vehicles, insurance etc. Turnover = INR 1 lakh crore
Revenue	₹ 26.4270 billion
Net income	₹ 2.3376 billion
Website	www.southindianbank.com

South Indian Bank Limited (SIB) (BSE: 532218, NSE: SOUTHBANK) is a major private sector bank headquartered at Thrissur City in Kerala, India. South Indian Bank has 839 branches, 4 service branches,45 ext.counters and 20 Regional Offices spread across more than 27 states and 3 union territories in India. It has set up 1307 ATMs and 5 Bulk Note Acceptor/Cash Deposit Machines all over India.

Milestones

• First among the private sector banks in Kerala to become a scheduled bank in 1946.
• First bank in the private sector in India to open a Currency Chest in April 1992.
• First private sector bank to open a NRI branch in Jhumritalaiya November 2011.
• First bank in the private sector to start an Industrial Finance Branch in March 1993.
• First among the private sector banks in Kerala to open an overseas branch in June 1993.
• Bank in Kerala to develop an in-house, fully integrated branch automation software.
• First Kerala based bank to implement Core Banking System.
• 8th largest branch network among private sector banks in India.^[1]

History

South Indian Bank was registered as a private Limited Company under the companies Act of 1913 and commenced business on 29-01-1929 at Round South, Thrissur. The South Indian Bank Ltd., was formed by a group of 44 enterprising men of Thrissur who contributed Rs.500/ - each to the initial paid up capital of Rs.22,000/ -. Their main objective was to serve the merchant community of Thrissur by freeing them from the clutches of the money lenders who charged exorbitant rates of interest.The bank received very good support from the public at large. Initially the growth was slow but steady. The number of branches opened each year testified its stability and popularity. It was included in the second schedule of the Reserve Bank of India and became a scheduled Bank on 07-08-1946. SIB was the first scheduled Bank in the private sector in Kerala to get the license under section 22 of the Banking Regulation Act 1949 from RBI on 17-06-1957.

New look

Old logo

South Indian Bank unveiled the new corporate logo. Mammootty, the global brand ambassador of the bank, unveiled the new corporate brand logo.

Mammootty is the brand ambassador of South Indian Bank.

The bank, as part of a global brand-building exercise, has signed South Indian actor Mammootty as its brand ambassador banking on the film star's `pan India appeal, clean image and popularity among the NRI community'. The initial contract between the bank and actor was for three years which was later extended for five more years.^[2] Currently SIB is the only bank in South India that has a brand ambassador.^[3]

Financial inclusion & Financial Literacy Centres

Till date, the bank has covered more than 100 villages and 15 urban centres under Financial Inclusion and opened more than 10 exclusive FLC Centres in the bank premises, which spreads across the states of Kerala, Tamil Nadu, Andhra Pradesh and Chhattisgarh. South Indian Bank has appointed direct Business Correspondents in the allotted villages and are supervised by a dedicated team of officers in the FIP Cell - Head Office. Recently South Indian Bank has introduced "KIOSK Banking Model" as Financial Inclusion Initiative in association with Akshaya e-centres in the state of Kerala through the software service provider - M/s Tata Consultancy services.. Kiosk is a kind of banking model, where people living in unbanked or under banked areas can avail basic banking facilities from a nearby common service centre/BC Office without visiting a regular bank branch .Basic banking needs of the public like opening of account, deposit and withdrawal of cash etc. is possible from these common service centre/BC Office.^[4]

Board of Directors

• Sri.Salim Gangadharan -Non-Executive Chairman
• Mr. V.G Mathew - Managing Director & CEO
• Mr.Mohan E. Alapatt - Director
• Mr.K. Thomas Jacob - Director
• Dr.John Joseph - Director
• Mr.Francis Alapatt - Director
• Mr. Salim Gangadharan - Director
• Mr. Cheryan Varkey - Director
• Smt. Ranjana Salgaocar - Director ^[5]

References

External links

Wikimedia Commons has media related to South Indian Bank.

• Official web site
• Interview of Dr. V.A Joseph, Former Managing Director & CEO, South Indian Bank

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