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South Indian Bank

The prestigious 20th Annual IBA Technology Awards 2024 saw South Indian Bank bag five coveted awards, solidifying its position as a technological champion.

South Indian Bank (SIB) was recognized at the 20th Annual Banking Technology Awards 2024, held in Mumbai, for its innovative digital solutions and talent. The awards, organized by the Indian Banks’ Association (IBA), recognize organizations that have adopted modern digital solutions to transform their businesses. SIB won the category of “Best Tech Talent & Organization” and received special mentions in three other categories: “Best Digital Sales, Payments & Engagement”, “Best IT Risk Management”, and “Best Fintech & DPI Adoption”. Additionally, the bank was a runner-up in the category of “Best Financial Inclusion”.

The MD and CEO of SIB, Mr. P R Seshadri, expressed his joy at the achievement, stating that the awards acknowledge the bank’s commitment to leveraging technology to enhance customer experience, drive financial inclusion, and ensure secure digital transactions. He emphasized that the awards also recognize the bank’s efforts in nurturing talent and building a strong tech team, encouraging them to continue driving innovation and uncovering novel banking solutions for all stakeholders.

This recognition is a testament to SIB’s dedication to staying at the forefront of banking technology, and its commitment to delivering innovative and customer-centric digital solutions. The awards are a validation of the bank’s efforts to build a robust and secure digital infrastructure, and to promote financial inclusion by providing accessible and affordable banking services to all. The recognition will motivate SIB to continue pushing the boundaries of innovation, and to remain a forward-thinking financial institution.

South Indian Bank Secures Top Honours, Wins 5 Awards at Prestigious 20th IBA Technology Awards 2024

South Indian Bank (SIB) has been recognized at the 20th Annual Banking Technology Awards 2024 for its innovative contributions in banking technology. The awards, organized by the Indian Banks’ Association (IBA), recognize organizations that have brought about transformational changes in their businesses by adopting modern digital solutions. SIB was declared the winner in the category of “Best Tech Talent & Organization” and received special mentions in four other categories, including “Best Digital Sales, Payments & Engagement”, “Best IT Risk Management”, “Best Fintech, & DPI Adoption”, and “Best Financial Inclusion”. The bank was also adjudged runners-up in the “Best Financial Inclusion” category.

The awards recognize SIB’s commitment to delivering innovative and customer-centric digital solutions. The bank’s Managing Director and CEO, Mr. P R Seshadri, expressed joy at the achievement, stating that the awards underscore the bank’s commitment to leveraging technology to enhance customer experience, drive financial inclusion, and ensure secure digital transactions. He also emphasized the importance of nurturing talent and building a strong tech team, which the awards acknowledge.

SIB’s recognition at the Annual Banking Technology Awards 2024 is a testament to its forward-thinking approach to banking and its commitment to staying ahead of the curve in terms of technology and innovation. The bank’s focus on customer experience, financial inclusion, and digital transactions has earned it a reputation as a leading financial institution in India.

South Indian Bank Enters the Forefront of Financial Support for Entrepreneurial Ventures

South Indian Bank (SIB) has launched two specialized startup current accounts to support entrepreneurs in India. The SIB Business Startup Current Account and SIB Corporate Startup Current Account are designed to cater to the unique needs of startups, providing a range of benefits that aim to simplify banking and help them focus on scaling their businesses.

The accounts offer several key features, including zero minimum balance requirement for three years, unlimited free RTGS/NEFT transactions through digital channels, and a premium debit card with airport lounge access. These features are designed to help startups save on operational costs and streamline financial processes.

The launch event was attended by key dignitaries, including Mr. P. R. Seshadri, MD & CEO of SIB, and Mr. Susanth Kurunthil, CEO of Infoparks Kerala. The event marked a significant milestone in SIB’s journey to support India’s entrepreneurial spirit.

The introduction of these accounts is part of SIB’s broader strategy to integrate more technology-driven solutions into its offerings. The bank has previously launched SIB SWIFTe, a digital platform designed to make account opening easier and faster. With these efforts, SIB is committed to providing seamless, digital-first banking solutions for startups, enabling them to thrive in today’s competitive business environment.

By offering these customized banking products, SIB is positioning itself as a go-to bank for new businesses looking for efficient and cost-effective banking solutions. The SIB Business Startup Current Account and SIB Corporate Startup Current Account are key steps in supporting India’s startup ecosystem, and they demonstrate the bank’s ongoing commitment to fostering innovation and entrepreneurship across the country.

Here’s one rewritten version of the line:South Indian Bank Launches Innovative Banking Solutions for Emerging Indian Startups

South Indian Bank (SIB) has launched two specialized startup current account products, SIB Business Startup Current Account and SIB Corporate Startup Current Account, aimed at boosting the startup ecosystem in India. The launch event was attended by key dignitaries, including the MD & CEO of SIB, P. R. Seshadri, and the CEO of Infoparks Kerala, Susanth Kurunthil.

The SIB Business Startup Current Account is designed for sole proprietorships and partnerships, providing essential banking support for their initial years, while the SIB Corporate Startup Current Account is for private limited companies, public limited companies, one-person companies, and limited liability partnerships, catering to their complex financial needs. To qualify, firms must be incorporated or registered within the last three years.

The accounts offer unique features, including zero minimum balance requirements for up to three years, unlimited free RTGS/NEFT transactions via digital channels, and a premium debit card with exclusive benefits like airport lounge access. SIB’s MD & CEO, P. R. Seshadri, emphasized that the bank understands the challenges faced by startups and entrepreneurs, and these accounts are designed to provide a seamless banking experience, allowing them to focus on achieving their business objectives.

Infoparks Kerala’s CEO, Susanth Kurunthil, commended SIB’s initiative, stating that it will play a significant role in fostering a culture of innovation and entrepreneurship. The event also featured an interactive session on entrepreneurship, highlighting the importance of financial literacy and available support for startups.

South Indian Bank’s latest initiative reaffirms its commitment to nurturing India’s entrepreneurial spirit, providing startups with the financial agility they need to thrive in today’s competitive landscape. The launch of these specialized current accounts is a significant step towards empowering startups to scale new heights, and SIB is expected to continue supporting the growth of the Indian startup ecosystem.

South Indian Bank officially opens the doors to its brand new office building

South Indian Bank celebrated its 96th foundation day by unveiling its new office at Kakkanad, marking a significant milestone in the institution’s history. The state-of-the-art building, spanning two lakh square feet, features a currency chest, a branch office, and spacious workspaces capable of accommodating up to 1,200 employees. The prestigious event was formally inaugurated by V.J. Kurian, the bank’s chairman, while P.R. Seshadri, managing director and CEO, delivered an address.

Located at Kakkanad, this new office of South Indian Bank is a significant addition to its existing network. The bank, which was established in 1929, has been serving its customers with great dedication and diligence for nearly a century. By inaugurating its new office on its 96th foundation day, the institution is reaffirming its commitment to providing enhanced services to its customers and scaling new heights.

The new office is designed with the latest modern amenities and technological infrastructure, showcasing the bank’s commitment to adapting to the latest trends and needs of the evolving banking landscape. The spacious layout and modern features will enable employees to work effectively and efficiently, providing customers with a seamless experience.

The establishment of this new office is an important step towards the bank’s growth and development, and South Indian Bank continues to be committed to its motto of “serving the region with pride” while expanding its reach and customer base. This milestone is testament to the institution’s resilience and adaptability over the years.

South Indian Bank records significant growth, with a 12% increase in net profit to ₹341.87 crore for Q3 FY25.

South Indian Bank, based in Thrissur, has reported its highest-ever quarterly net profit of ₹341.87 crore for the third quarter of fiscal year 2025, representing a 12% growth over the same period last year. The net profit in Q3 of FY24 was ₹305.36 crore. The bank’s managing director and CEO, P R Seshadri, attributed the growth to the expansion of its retail and MSME (Micro, Small, and Medium Enterprises) segments, which are seeing strong potential for sustained growth.

The bank’s operating profit increased by 9.39% to ₹528.84 crore, while gross NPA (Non-Performing Asset) decreased by 44 basis points to 4.30%, and net NPA dropped by 36 basis points to 1.25%. The net interest income grew by 6.13% to ₹869.26 crore. Retail deposits grew by ₹7,332 crore, or 8%, to ₹1,02,420 crore, while NRI (Non-Resident Indian) deposits increased by ₹1,896 crore, or 6.49%, to ₹31,132 crore.

CASA (Current Account Savings Account) grew by 4.13%, driven by a 3.37% increase in Savings Bank and a 7.73% increase in Current Account. Seshadri emphasized the bank’s focus on achieving long-term sustainability, enhancing customer engagement, and maintaining a competitive edge. He also highlighted the bank’s strategy to reduce its reliance on corporate loans and grow its retail and MSME portfolios, which aligns with its goal of maintaining corporate exposure below industry peers and minimizing risk.

Overall, the bank’s performance indicates a strong financial position, with reduced slippages and improved recoveries. The bank’s efforts to diversify its portfolio and reduce risk are also expected to benefit its shareholders and customers in the long run.