South Indian Bank expands reach in the State

Staff Correspondent

To open four branches by the end of this fiscal

SIB Express is a service to NRIs

Confirmation of remittances on mobile

phone in 30 minutes

MANGALORE: The Thrissur-based South Indian Bank (SIB) is banking on Karnataka to fuel its overall growth in business during 2007-08, according to V.A. Joseph, Chairman and Chief Executive Officer of the bank. With a network of 25 branches across the State, the bank plans to add four more branches — three in Bangalore at Jalahalli, Hebbal and Sarjapur and one in Mangalore — by December or by the end of March 2008.

Dr. Joseph told press persons here on Monday that the bank, which shifted its local branch and ATM to a central location at Plaza Chambers on Balmatta Road, is scouting for a suitable place to open its second branch in the city. While the branch at Jalahalli will be opened by December, the other branches at Hebbal, Sarjapur and the one in Mangalore will be commissioned by end of this fiscal, he added.

The bank, which has 485 branches in 23 States and Union Territories, will add 15 more branches to end the fiscal with a network of 500 branches. It will also add 18 ATMs to take the total number of ATMs across India to 200 by end of December. Stating that the bank intended to achieve the target for ATMs by the end of March, Dr. Joseph said it would now look at a revised target and work towards implementing it as well.

SIB, which recently became the first private sector bank from India to provide management support to Hadi Express Exchange, an exchange house in the Middle East, is looking at utilising this to provide quality service to non-resident Indians for remittances to India.

Termed SIB Express, NRIs can get confirmation of remittances made by them to their relatives in 30 minutes, if they have subscribed to mobile alert, he said.

NRIs in Gulf, Australia and USA account for nearly 25 per cent of our total business, which at present levels has reached Rs. 23,000 crore, he said.

The Bank hopes to do further business of Rs. 2,000 crore in the next six months.

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