South Indian Bank Limited (SIB) is a major private sector bank headquartered at Thrissur in Kerala, India. South Indian Bank has 924 branches, 4 service branches, 53 extension counters and 20 Regional Offices spread across India. The bank has also set up more than 1,500[3]ATMs and 91 Cash Deposit Machines.
South Indian Bank was registered as a Private Limited Company under the Companies Act of 2013 and commenced business on 29 January 1929 at Round South, Thrissur.
The South Indian Bank Ltd. was formed by a group of 44 enterprising men of Thrissur who contributed ₹500/- each to the initial paid-up capital of ₹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.[citation needed]
It was included in the second schedule of the Reserve Bank of India and became a scheduled Bank on 7 August 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 the RBI on 17 June 1957.
Till date, the bank has covered more than 150 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.[5]
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₹6,562.64 crore (US$920 million) (2017)[2]
