South Indian Bank (SIB) as one of the leading commercial banks of the country has achieved yet another milestone in its growth chart by exceeding its annual recovery target of Rs. 130 crores, set to be achieved by March 31, 2008. This was pronounced by the Chairman & CEO of the Bank Dr. V.A. Joseph while addressing the inaugural function of the Bank’s 490th CBS branch at Vengara in Malappuram District of Kerala.
Earlier in January 2008, the bank has already achieved a whooping profit of 64 per cent with an impressive growth in net profit for the third quarter of 2007-08.
Dr. Joseph also mentioned that the Bank, which has been admired as a “TOP NPA MANAGER” in a ASSOCHAM ECO PULSE study for considerably reducing net NPA within one year also lessened the gross NPA from 1.49% (Dec 31, 2006) to 0.49% as on Dec 31, 2007 against the net NPA target of 0.50 % to be achieved as on March 31, 2008.
With strong technology and service culture the Bank is striving hard to meet personalised customer service. The very recent award for excellence in banking technology to the SIB from IDRBT, a technical division of Reserve Bank of India (RBI) proves the capabilities of it as being a customer-oriented Bank, the Chairman stated.
Being the largest network in the private sector with number of Core Banking branches next only to ICICI, HDFC and AXIS Bank and with a total of 208 on-line ATM Centres all over India as on date. A total of 490 CBS branches are running in its mission to improve its service quality and make its customer more flexible while making their transactions.
The service quality of the Bank can also be marked as earlier it was elected in the “Outlook Money – C – Fore Survey” as the best private sector bank in India in the ‘service quality’ segment.
“The Bank, being a corporate citizen with social commitment, has recently launched the CASA (Current Account, Savings Account) campaign with the objective of ensuring that the benefits of the technological excellence of the Bank reached the common people”, the Chairman said.
With the aim to make the Banking facilities more accessible to common man the Bank has so far opened 22 CBS branches and 15 on-line ATM Centres in the un-banked district of Malappuram in Kerala, in addition to a couple of new CBS branches and 4 ATM Centres which are in the pipeline, Chairman Dr. Joseph added.
The Global Debit Cards of the South Indian Bank (SIB) are widely accepted at over 0.80 million ATM Centres and 12 million merchant establishments all over the world. In a recent association with ICICI Prudential life insurance the Bank is also aiming to sell its insurance products in the coming time in over 296 SIB branches in Kerala.
Milestones achieved by the South Indian Bank thus far:
- The FIRST among the private sector banks in Kerala to become a scheduled bank in 1946 under the RBI Act. - The FIRST bank in the private sector in India to open a ‘Currency Chest’ on behalf of the RBI in April 1992. - The FIRST private sector bank to open a NRI branch in November 1992. - The FIRST bank in the private sector to start an Industrial Finance Branch in March 1993. - The FIRST among the private sector banks in Kerala to open an "Overseas Branch" to cater - exclusively to the export and import business in June 1993. - The FIRST bank in Kerala to develop an in-house fully integrated branch automation software in addition to the in-house partial automation solution operational since 1992. - The FIRST Kerala based bank to start Core Banking System. - The THIRD largest branch network among Private Sector banks, in India, with all its branches under Core banking System.
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