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South Indian Bank Ltd. Company History and Annual Growth Details

1929 - South Indian Bank was established at Trichur, Kerala State. The
Bank transacts general banking business of every description.

- The bank was selected by RBI to open and operate a currency chest
on its behalf. This facility was to help the bank to reduce
considerably their cash holdings.

1963 - The Bank took over the assets and liabilities of the
Kshemavilasam Banking Co., Ltd., Trichur, and the Ambat Bank
Private Ltd., Chittur, Cochin.

1964 - The Following banks were taken over: Public Bank, Ltd., Pudukad;
Subarban Bank (P) Ltd., Trichur; Vijaya Lakshmi Bank (P) Ltd., N.
Parur; Chalakudy Bank, Ltd., Chalakudy; Mukkattukara Catholic
Bank, Ltd., Mukkattukara; Assyrian Charities Banking Co., Ltd.,
Trichur; Catholic Syrian Christian Bank, Ltd., Kanjany; Malabar
Bank, Ltd., Trichur; Bharatha Union Bank, Ltd., Trichur;
Kozhuvanal Bank, Ltd., Kozhuvanal.

1987 - 19,200 No. of equity shares issued at par. Arrears: Rs 42,375.

1988 - 42,000 No. of equity shares issued at par. Arrears: Rs 9,41,355.

1989 - 91,800 No. of equity shares issued at par. Arrears: Rs

1990 - The Bank made an entry into merchant banking activities by
supporting underwriting to 99 New Issues.

1992 - 75,26,140 No. of Equity shares issued equity shares subdivided.

1993 - The Bank extended underwriting support.

- 4,73,860 No. of equity shares issued.

1994 - The Bank extended underwriting support to 17 issue of Rs 459

- 37,00,000 No. of Equity shares issued.

1996 - The Bank did not underwrite any issue due to depressed and
listless primary market. Bank acted as bankers for 12 issues as
compared to 47 issues during the previous year.

2000 - Credit Rating and Information Services of India has downgraded the ratings
assigned to the Bank to 'BBB-' from 'BBB+'.

2001 - The Bank has launched its comprehensive and centralised banking solution,
Sibertech, which will run on Finacle platform provided by Infosys Technologies of Bangalore.

- The South Indian Bank one of the leading private sector banks in Kerala, has entered
into new alliances with three exchange houses in the Gulf.


-Ties up with insurance player for the distribution of the products of the insurance company.

-Sarvashri P M Manuel and Tony John Alaptt gave their resignations from the Board

-Changes in the Board:
Sarvashri Jose Pottokaran and Thommy P Chakola, Directors give their resignation .
Mr A S Narayana Moorthy has been co-opted as director on the Board. Mr. John Chakola has been co-opted as Director on the Board in place of Mr. Thommy P Chakola.

-Offers VRS named as 'The South Indian Bank Employees Voluntary Retirement Scheme - 2002' to all permanent eligible employees of the bank.

-Reduces the rate of interest on housing loans to 10.5% for loans upto Rs.10 lakh and 11% for loans exceeding Rs.10 lakh.

-Sets up an ATM in Kovai, which is its first online ATM outside its home, kerala.

-Enters into a new rupee draft drawing agreement with Union Exchange of Co of Doha, Qatar.


-The Board accepts the resignation of Mr P M Udhuppu, Director of the Bank.

-Launches its Internet Banking Facility, Sibernet, to provide better services for customers.

-Recovers Rs.4 crs from Coimbatore region recovery camp in the first 4 months of the current financial year.

-Enters into an agreement with master Card International to Launch Maestro , the global ATM - Debit card.

-Opens up three more branches with on-line ATM's at Chandigarh(Punjab), Panchukula(Haryana), Paschim Vihar (Delhi).

-Ties up with leading private hospitals and nursing home throughout India in order to push its new introduced medical loan scheme under SIB Life line.

-Launches Financial assistance programme for medical treatment 'SIB Lifeline'

-SIB decides Rs 38-45 price band for rights issue

-Dr. V A Joseph has joined the Bank as Executive Director w.e.f December 04, 2003. He will be a whole-time executive of the Bank. However, he will not be a Director on the Board of the Bank.

- Thrissur-based South Indian Bank unveiled its 401st branch at R.V. Centre, East Nada, Guruvayur, on December 10, 2003. The branch was inaugurated by Mr Appukutan Nambiar, Chairman, Guruvayur Devaswom

-The South Indian Bank has introduced two products for fast and hassle-free transfer of money from abroad, in association with UAE Exchange Company Ltd and Wall Street Finance Ltd.


-SIB introduces life insurance product

-SIB inks pact with Dubai exchange house

-South Indian Bank kicks off RTGS operations

-SIB partners with Al Razouki


-South Indian Bank ties up with Bahrain Financing


-Franklin Templeton inks pact with SIB

-SIB to roll out co-branded Citi credit card

-The South Indian Bank Ltd. has appointed Dr N.J. Kurian as an Additional Director on the Board of Directors of the Bank at the Board Meeting held on May 23, 2007 pursuant to section 260 of the Companies Act,1956.


-The Company has issued Bonus Shares in the Ratio of 1:4.


- South Indian Bank (SIB) has signed an agreement with Life Insurance Corporation of India for the distribution of life insurance products. Under the agreement, LIC will offer its life insurance products to the customers of South Indian Bank.

- South Indian Bank has rolled out a savings bank product for women called 'SIB Mahila', which is linked with recurring deposit, provides 10 technological products/services for free including house-to-house travel insurance for Rs 50,000 and an accident insurance cover for Rs 1 lakh.


- The South Indian Bank (SIB) has inked a MoU with the Hatton National Bank (HNB) for the exchange of expertise and services.
Oct 24, 3:53 pm
Oct 24, 3:54 pm
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