- One of the earliest banks in South India, "South Indian Bank" came into being during the Swadeshi movement. The establishment of the bank was the fulfillment of the dreams of a group of enterprising men who joined together at Thrissur, a major town (now known as the Cultural Capital of Kerala), in the erstwhile State of Cochin to provide for the people a safe, efficient and service oriented repository of savings of the community on one hand and to free the business community from the clutches of greedy money lenders on the other by providing need based credit at reasonable rates of interest.
- South Indian Bank has a technology enabled network of 500 branches and 210 ATMs, with presence in 23 states and 2 union territories. This is a professionally run bank with widely held ownership making it ripe for takeover once Banking regulation bill is passed. South Indian Bank(SIB) has now established the largest network , in the private sector, of Core Banking branches next only to ICICI Bank , HDFC Bank and AXIS Bank.
- South Indian Bank(SIB) Is The Best Performer In Asset Quality - In the "Analyst 2008 Survey of Indian banks" conducted by the 'Institute for Chartered Financial Analysts of India' ,South Indian Bank has emerged as the 'Best Performer in Asset Quality' category among private sector banks which include the new generation and the traditional banks in India .
- The bank has recently tied up with ICICI Prudential life insurance for the selling of insurance products at over 296 SIB branches in Kerala. The bank also has made available Mutual Fund products to their clients.
- A Host of Many Firsts: SIB has many firsts to its credit . Chief among them are - the first private sector bank from India to provide managerial support to an Exchange House in the Middle East , the first Kerala-based bank to start extended banking hours (12 Hours Banking ), the first Kerala-based bank to go on-line through a centralized Core Banking solution, the first Kerala-based bank to introduce a credit card, the first in the private sector in India to open an NRI branch, the first private sector bank to start an Industrial Finance branch in India, the first Kerala-based bank in private sector to become a scheduled bank, the first private sector bank from Kerala to implement 100% CBS.
Buy Rs.56-58 Target Rs.70-74 Stop Loss Rs.52 on closing basis Term 4-6 months.
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