what is the full form of SIB?
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what is the full form of SIB?
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The full form of SIB is South Indian Bank Limited. SIB is leading private bank founded on 29 January 1929 and headquartered at Thrissur in Kerala, India. Mr Salim Gangadharan is the current chairman and Mr Murali Ramakrishnan is Ceo of SIB.
South Indian Bank has 871 branches, 4 service branches, 53 extension counters and 20 Regional Offices all over India. It has more than 1,500 ATMs and 91 Cash Deposit Machines.
History of SIB
1. South Indian bank was founded on 29 January 1929, and registered under the Companies Act of 2013 as a Private Limited Company and started business in Round South.
2. SIB was founded by a group of 44businessmen who donated 500/- each to the initial paid-capital of 22,000/- to start the business.
3. The main aim was to support Thrissur's dealer bunch by freeing themselves from the hands of the money banks who requested high-loan costs.
4. In starting the growth was slow but steady, the bank received good support form the general public. The number of branches opened every year proved its stability and achievements.
5. On 7 August 1946, it was included in the second schedule of the Reserve Bank of India and became a scheduled bank
6. On 17 June 1957, SIB was the first scheduled bank in Kerala to acquire a permit from the RBI under Section 22 of the Banking Regulation Act, 1949.
Products offered by SIB
Credit cards
Mutual Fund
Trading
Demat account
Consumer banking
Corporate banking
Finance and Insurance
Car loans
Private banking
Wealth management
Investment banking
Achievements of SIB
1. SIB become was a first private scheduled bank in 1946
2. SIB was the first private bank in India to open currency chest in 1922
3. In 1992 SIB open an NRI branch in Jhumritalaiya
4. In1993 SIB was the first private sector who started an Industrial Finance Branch
5.In 1993 SIB was the first bank in Kerala to open an overseas branch
6.Bank in Kerala to develop an in-house, fully integrated branch automation software
7. First Kerala based bank to execute the Core Banking System
8. Eighth biggest branch network among private area banks in India
