History

_x000D_ The South Indian Bank (SIB) was started during the Swadeshi movement and was incorporated on January 29, 1929, at Thrissur as a private limited company. In 1964, SIB had acquired 10 banks in a single year. The bank made its entry into the merchant banking business by supporting or underwriting 99 new issues in 1990. In 1992, SIB started an NRI branch in November and also developed, in-house, a fully integrated branch automation software. The bank was  listed on December 14, 1998._x000D_ _x000D_ The Sibertech project, a comprehensive and centralised banking solution, was launched by SIB in 2001. SIB then started distributing third-party insurance products in 2002. Its internet banking facility under Sibernet was introduced in 2003. In the same year, it made an agreement with Master Card International to launch Maestro, a Global ATM and Debit Card. The bank further introduced SMS-based mobile banking in FY 2006._x000D_ _x000D_ In FY 2014, SIB introduced a Direct and Indirect Tax Payment facility for its retail and corporate customers. In the same year, it launched the Kiosk Banking Model. In FY 2016, the bank tied up with Billdesk Services for a Centralised Direct Debit arrangement, allowing customers to make direct payments to SIPs, insurance premiums, loan EMIs, etc. _x000D_ _x000D_ In FY 2017, SIB successfully raised capital aggregating to ₹630.99 crores. In the same year, it launched co-branded SIB-SBI credit cards with SBI. In FY 2018-19, the bank introduced 8 new loan products, most of them designed for the MSME sector. In FY2020, the bank received the Best MSME Bank (Private Sector) Award by ASSOCHAM._x000D_

Business Segments

_x000D_ The bank has declared the following business segments:_x000D_

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1. Treasury: This segment primarily consists of returns or interest gains or losses on investment operations and earnings from foreign exchange trade. The principal expenses of the segment consist of interest expense on funds borrowed and other expenses.
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2. Corporate or Wholesale Banking: The corporate or wholesale banking segment provides loans to the corporate segment. Revenues of this segment consist of interest earned on loans made to corporate customers and the charges or fees earned from other banking services.
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3. Retail banking: The retail banking segment provides loans to non-corporate customers identified on the basis of RBI guidelines. Revenues of this segment consist of interest earned on loans made to non-corporate customers and the charges or fees earned from other banking services. This also includes digital banking as a sub-segment of the retail banking segment. 
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4. Other Banking Operations: This segment includes income from para-banking activities such as debit cards, third-party product distribution and associated costs.
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5. Unallocated: All items that cannot be allocated to reportable segments are included in the unallocated portion.
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_x000D_ Subsidiaries_x000D_ _x000D_ As of March 31, 2023, the Bank has one unlisted wholly owned subsidiary, i.e. SIB Operations and Services Limited, which was incorporated on May 28, 2021. It was built to cater to the operational needs of SIB._x000D_

Key Personnel

_x000D_ Mr Murali Ramakrishnan, Managing Director and CEO_x000D_ _x000D_ Mr Ramakrishnan has been the MD and CEO since October 1, 2020. He has experience in this industry of over 34 years. Before joining SIB, he had retired from ICICI Bank as Senior General Manager at Strategic Project Group on May 30, 2020._x000D_

Corporate Actions

_x000D_ South Indian Bank has conducted the following corporate actions in recent years:_x000D_ _x000D_ Bonus Issue_x000D_ _x000D_ The bank had offered bonus shares at a 1:4 ratio with a record date of October 17, 2008._x000D_ _x000D_ Stock Split_x000D_ _x000D_ The bank had split its stock from a face value of ₹10 to ₹1 per share with a record date of September 24, 2010._x000D_ _x000D_ Rights Issue_x000D_

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1. The company had conducted a rights issue with a record date of February 17, 2017.
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2. The company had conducted a rights issue with a record date of July 23, 2004.
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