Latest News on South Indian Bank
SBI Axes Rs 1 Crore Air Accident Insurance for Select Customers from July Onwards
SBI Card has announced significant changes to its credit card policies, effective July 15, 2025, which will impact both premium and co-branded credit card users. One of the major changes is the discontinuation of complimentary air accident insurance on several cards. This means that cardholders will no longer receive automatic air accident insurance, a previously valuable feature for frequent flyers. The affected cards include SBI Card Elite, SBI Card Miles Elite, and Miles Prime, which will lose their Rs 1 crore coverage, as well as SBI Card Prime and Pulse, which will lose their Rs 50 lakh coverage.
In addition to the removal of air accident insurance, SBI Card will also update its minimum payment calculation formula. Starting July 15, the Minimum Amount Due (MAD) will be calculated as 100% of GST, EMI amounts, fees and charges, finance charges, and any over-limit amounts, plus 2% of the remaining outstanding balance. This change is likely to increase the minimum payable amount, especially for those with high EMIs or charges.
Another significant change is the revised order of payment settlement. From July 15, SBI will adjust payments in the following order: GST, EMIs, fees/charges, finance charges, balance transfers, retail purchases, and cash advances. This change will impact how interest is charged and how quickly cardholders can reduce their costliest debts.
Co-branded cards will also be affected by these changes. From August 11, 2025, cards with Rs 1 crore coverage, such as the UCO Bank SBI Card ELITE and Central Bank of India SBI Card ELITE, will lose their air accident insurance benefit. Cards with Rs 50 lakh coverage, including PRIME variants from South Indian Bank, Karnataka Bank, and Allahabad Bank, will also be affected.
Cardholders are advised to review their statements carefully and adjust their financial plans accordingly. The loss of insurance coverage and changes in payment processing could have significant implications for how much users pay and what protections they receive. It is essential for cardholders to understand these changes and plan their finances accordingly to avoid any unexpected charges or losses. Overall, these changes will require cardholders to be more mindful of their credit card usage and payment habits to minimize their costs and maximize their benefits.
South Indian Bank posts 10% increase in advances and 5.5% rise in deposits, signaling a robust growth performance.
South Indian Bank reported a 10% growth in gross advances, standing at Rs 88,447 crore at the end of FY25. In contrast, the bank’s deposits grew at a slower pace of 5.5%, reaching Rs 1.08 lakh crore. The bank’s current and savings account (CASA) deposits to total deposits ratio declined marginally to 31.37% from 32.8% a year ago, although it improved from 31.15% in December 2024.
The bank made a conscious decision to allow some of its bulk deposits to mature, a move that tends to be more costly. According to Managing Director PR Seshadri, “We consciously allowed some of our wealth deposits to get paid off because they tend to be (raised at) higher cost.”
This strategy is likely aimed at reducing the bank’s dependency on expensive deposits and increasing its profitability. By shifting its focus to retail banking and CASA deposits, South Indian Bank can potentially lower its funding costs and improve its bottom line.
The bank’s decision to taper its bulk deposits is a trend expected to continue in the Indian banking sector. With the Reserve Bank of India expected to tighten monetary policy and reduce liquidity, banks may need to reassess their deposit strategies to maintain profitability.
South Indian Bank’s performance highlights the challenges faced by the Indian banking sector, particularly in managing deposit growth and maintaining profitability. As the sector navigates these challenges, banks like South Indian Bank will need to adopt innovative strategies to stay competitive and profitable amidst a rapidly evolving market.
South Indian Bank Celebrates Women’s Empowerment with the Launch of ‘Women Like You’ Book – A BW Businessworld Initiative
South Indian Bank, a leading private sector bank in India, marked International Women’s Day by launching a book titled “Women Like You” aimed at encouraging and empowering women in the corporate world. The book is a collection of inspiring stories of women who have made a mark in their respective fields, including business, sports, and social service.
The book was launched at a ceremony held at The Leela, Mumbai, which was attended by various dignitaries, including senior officials of the bank, authors, and guests. The event featured a panel discussion on “Elevating Women in the Workplace” which was moderated by renowned author and journalist, Barkha Dutt.
The “Women Like You” book is a result of a year-long initiative by South Indian Bank to recognize and celebrate the achievements of women who have made a significant impact in their professions. The book features stories of 20 women who have overcome challenges and achieved success in their respective fields, including business, sports, and social service.
Speaking on the occasion, D. R. Seth, MD & CEO of South Indian Bank, said, “We are proud to launch ‘Women Like You’ book, which is a testament to the incredible achievements of women in various fields. At South Indian Bank, we believe in promoting a gender-neutral work culture and empowering women to reach their full potential. This initiative is a step towards that vision.”
The book is a testament to the bank’s commitment to promoting diversity and inclusion in the workplace. It is available on all popular e-book platforms and will be distributed widely across the country.
The book launch event was also supported by partners like KAYA, a leading international content platform, and IIM Ahmedabad, one of the top-ranked business schools in India.
South Indian Bank has taken several initiatives to empower women, including offering specific services and products designed for women customers, women-friendly branches and ATMs, and training programs for women employees. The bank also provides special offers and discounts to women customers, including a special loan program for women entrepreneurs.
Overall, the “Women Like You” book launch is a significant step towards promoting women empowerment and celebrating their achievements in various spheres of life.
Stock Market Updates of South Indian Bank
Recent Updates
On International Women’s Day, South Indian Bank Honors Inspiring Women Leaders with the launch of ‘Women Like You’, a Heartwarming Coffee Table Book
On International Women’s Day, South Indian Bank launched a special coffee table book, “Women Like You”, which chronicles the inspirational stories of 52 remarkable women from various fields. The book was unveiled by Ms. Lakshmi Ramakrishna Srinivas, Director of South Indian Bank, at a grand event in Bengaluru, attended by distinguished guests, industry leaders, and women customers.
The book features stories of ordinary women who have overcome challenges with strength and resilience, achieving lasting success. The evening’s celebration honored women achievers who have broken barriers and paved their own paths to success, serving as a testament to the fact that every successful woman has a story worth reading and emulating.
The event was headlined by international para-athlete and Padma Shri and Arjuna awardee Dr. Malathi Holla, who shared her inspiring journey in the session “Wings to Fly – An Inspiring Journey”. The evening also featured a panel discussion on “The Art of Balance” moderated by sports and celebrity anchor Madhu Mailankody, which brought together a panel of women achievers to discuss strategies for achieving personal and professional fulfillment.
The panellists included Sreedevi Ragavan, Founder of Tattvamassi and Board of Governors of IIM Kozhikode, Rasika Iyer, Co-founder and CMO of Tata Soulfull, Priya Sunder, Co-founder and Director of Peak Alpha Investments, and Simi Sabhaney, Chief Growth Officer of Dentsu India.
The celebration concluded with a mesmerizing performance by Saxophone Subbalaxmi, the first female saxophonist to hold a world record for playing the instrument for the longest duration. The event reaffirmed the bank’s commitment to empowering women by recognizing their achievements and strengthening its engagement with customers and the community.