South Indian Bank (SIB) which had set an annual recovery target of Rs.130 crores to be achieved as on 31.03.2008 has already exceeded the target as on date. This was stated by Dr.V.A.Joseph, Chairman & CEO of the Bank while presiding over the inaugural function of the Bank’s 490th CBS branch at Vengara in Malappuram District of Kerala.
Dr.Joseph also stated that the Bank, which has been rated as a “TOP NPA MANAGER” in a recent “ASSOCHAM – ECO PULSE” study for having reduced NPA substantially within one year , could reduce net NPA to 0.49% as on 31.12.07 (from 1.49% as on 31.12.2006)against the net NPA target of 0.50 % to be achieved as on 31-03-08.
“ Being a customer-oriented Bank, SIB is striving hard to render personalised customer service using the latest technological capability. The technological capability of the Bank has been recognised when the Bank could bag the banking technology excellence award from IDRBT which is the technical arm of Reserve Bank of India. The service quality of the Bank has also been recognised when the Bank was selected in the “Outlook Money – C – Fore Survey” as the best private sector bank in India in the service quality segment. The Bank, being a corporate citizen with social committment , has recently launched the CASA (Current Account, Savings Account) campaign with the objective of ensuring that the benefits of the technological excellence of the Bank reached the common people”, the Chairman said.
It is with this aim that the Bank has so far opened 22 CBS branches and 15 on-line ATM Centres in the unbanked district of Malappuram in Kerala ; two more new CBS branches and 4 ATM Centres also will be opened there , shortly, Dr.Joseph stated. The Bank has already opened 208 on-line ATM Centres all over India as on date.Customers of 28 other Banks which are members of the National Financial Switch (NFS) operated by IDRBT can also use the 208 on-line ATM Centres of South Indian Bank.The Global Debit Cards issued by South Indian Bank are accepted at over 0.80 million ATM Centres and12 million merchant establishments all over the world .
The Bank, which has already established the largest network of CBS branches in the private sector in India next only to ICICI Bank,HDFC Bank and AXIS Bank ,has today opened one more CBS branch , to take the total to 491, Dr.Joseph concluded.

For press queries :
The South Indian Bank Ltd.,
Senior Manager,
Corporate Comunications
Ph:0487-2423858 Mob:9847404555
E-mail:simonjoseph4@gmail.com

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