South Indian Bank

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South Indian Bank Ltd (SIB)
Private
BSE & NSE
Industry Banking
Financial Services
Insurance
Capital markets
Founded 1929
Headquarters Thrissur City, Kerala, India
Key people
Sri. V.G. Mathew, Managing Director and Chief Executive Officer
Products Loans, savings, investment vehicles, insurance etc.
Revenue 26.4270 billion
2.3376 billion
Website www.southindianbank.com

South Indian Bank Limited (SIB) (BSE: 532218, NSE: SOUTHBANK) is a private sector bank headquartered at Thrissur City in Kerala, India. South Indian Bank has 850 branches, 4 service branches and 20 regional offices spread across more than 26 states and 3 union territories in India. It has set up 1221 ATMs and 3 Bulk Note Acceptor/Cash Deposit Machines all over India. On the Financial Inclusion front, Bank has opened 3 Ultra Small Branches and operates 57 KIOSKs in the state of Kerala and Tamil Nadu for the benefit of common people. Pullu village in Thrissur District was adopted by the Bank and several steps have been taken to transform the village as a "Model Village" in India.

Slogans changing with times[edit]

  • The South Indian Bank Ltd. - In Step With Progress
  • Growing To Serve You Everywhere
  • Your Interest Above Everything Else
  • A Bank For All Seasons
  • Blending Tradition with Technology
  • Experience Next generation Banking[citation needed]

Milestones[edit]

  • 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 November 1992.
  • 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.
  • First bank in Kerala to develop an in-house, fully integrated branch automation software.
  • First Kerala based bank to implement Core Banking System.
  • Third largest branch network among private sector banks in India.[1]

History[edit]

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 licence under section 22 of the Banking Regulation Act 1949 from RBI on 17-06-1957. In the 85 years of its service the Bank had survived many crises. It could survive the Kerala Banking crisis of 1960 when the Palai Central Bank was closed down. A turbulent environment was experienced by banks in Kerala. It was a period of merger, amalgamations and take overs. South Indian Bank ventured to extend its helping hand to take over the assets and liabilities of 15 small banks in Kerala in 1964. It was based on the general policy of consolidation formulated by RBI.[citation needed]

New look[edit]

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. By endorsing Mammootty as its global brand ambassador, SIB has received a huge boost especially in the Middle East.[citation needed]

Financial inclusion & Financial Literacy Centres[edit]

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. [3]

Tie-ups[edit]

ING Life has a tie-up with SIB to collect insurance policy renewal payments for ING Life customers.[4] SIB also has bancassurance arrangements with both Bajaj Allianz General Insurance Company Ltd for distribution of non-life insurance products and the Export Credit Guarantee Corporation of India for distribution of export risk cover.[5] It has also tied up with ICICI Prudential AMC, Franklin Templeton, TATA Mutual Fund, Sundaram BNP Paribas, UTI Mutual Funds, Reliance Mutual Fund, HSBC Investments, HDFC Mutual Fund, Fidelity Fund Management Pvt Ltd, Principal Mutual Funds, Fortis Investments, Birla Sun Life Asset Management Company Ltd. and DSP BlackRock Mutual Funds, all mutual fund houses, for distribution of their mutual fund products.[6] In March, 2010, the bank signed an agreement with Sri Lanka's Hatton National Bank (HNB) for exchange of services and expertise between them.[7] The MoU set out a framework between the two banks to enter into mutually beneficial arrangements to offer banking services to their respective customers. The tie-up was expected to foster trade-related cross border business like advising and confirming Letter of credit, negotiating and discounting of export-import bills and providing credit report of customers between the two countries. It would also enable the customers of HNB to utilise the services of Hadi Express Exchange, for which management support is provided by SIB.[7] The Kerala Government had given permission to SIB to accept commercial taxes.[8] The bank has been appointed as the largest service provider (point of sale) for the New Pension Scheme (India) launched by the Government of India.

Board of directors[edit]

  • Sri.Amitabha Guha -Non-Executive Chairman
  • Mr. V.G Mathew - Managing Director & CEO
  • Sri.Mohan E. Alapatt - Director
  • Sri.K. Thomas Jacob - Director
  • Dr.John Joseph - Director
  • Sri.Francis Alapatt - Director
  • Sri. Salim Gangadharan - Director
  • Mr. Cheryan Varkey - Director
  • Smt. Ranjana Salgaocar - Director [9]

References[edit]

  1. ^ "About us". South Indian Bank Ltd. Retrieved 2010-02-23. 
  2. ^ "Our ambassador Mammootty quite young: South Indian Bank". Thiruvananthapuram: NDTV.com. March 23, 2010. Retrieved 1 April 2010. 
  3. ^ "Financial Inclusion Smart Card Account". South Indian Bank Ltd. Retrieved 2012-09-17. 
  4. ^ "South Indian Bank, ING Life tie up". The Hindu. Retrieved 2010-02-23. 
  5. ^ "South Indian Bank to vend LIC products". The Hindu. Retrieved 2010-02-23. 
  6. ^ "Mutual Funds". South Indian Bank. Retrieved 2010-02-23. 
  7. ^ a b "Kerala's SIB, Lanka's HNB discover synergy in banking". The Economic Times. 2010-03-23. Retrieved 2010-03-28. 
  8. ^ "South Indian Bank net profit up by 35%". Chennai, India: The Hindu. 2010-01-17. Retrieved 2010-02-15. 
  9. ^ http://www.southindianbank.com/content/viewContentLvl1.aspx?LinkIdLvl2=5&LinkIdLvl3=72&linkId=209

External references[edit]