South Indian Bank Limited is a major private sector bank headquartered at Thrissur in Kerala, India. South Indian Bank has 871 branches, 4 service branches, 53 ext.counters and 20 Regional Offices spread across more than 27 states and 3 union territories in India. It has set up 1500+ ATMs and 91 Bulk Note Acceptor/Cash Deposit Machines all over India.
Mile Stones
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 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.
Bank in Kerala to develop an in-house, fully integrated branch automation software.
8th largest branch network among private sector banks in India.
History of SIB
South Indian Bank was registered as a Private Limited Company under the Companies Act of 2013 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.
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 is supervised by a team of officers in the FIP Cell - Head Office. Recently South Indian Bank has introduced "KIOSK Banking Model" as a Financial Inclusion Initiative in association with Akshaya e-centres in the state of Kerala through the software service provider - M/s Tata Consultancy services... The kiosk is a kind of banking model, where people living in unbanked or underbanked 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 an account, deposit and withdrawal of cash etc. is possible from these common service centre/BC Office.
