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SIB Express launched for NRIs

Kerala-based South Indian Bank (SIB) said with the launch of its 'SIB Express' NRIs could transfer money back home in less than 30 minutes through Oman-UAE Exchange. One of the leading privately-owned banks in India, SIB boasts a nine per cent share of NRI remittances. Its total NRE deposits have swelled to Rs. 3,200 crores, including Rs. 258 crores added last year.

A top-level team from the bank, led by Dr. V.A. Joseph, Chairman and CEO, and consisting of G.A. Shenai, Director, K.S.Krishnan, Deputy General Manager, and C.T. Devis, Assistant General Manager, was in Muscat to conclude the deal with Oman-UAE Exchange.

Dr Joseph, who was addressing a news conference after signing the agreement with Tonny George Alexander, Country Head of Oman UAE Exchange, underlined that SIB was the first private sector bank in India to open an exclusive NRI branch in November 1992.

"We now have the distinction of having more branches in Kerala exclusively for NRIs than any other bank," he added. He said an ambitious technological upgradation project titled 'SIBertech', launched by the bank in collaboration with Infosys Technologies, Wipro and HCL with the goal of providing 'anywhere banking' facilities to NRIs, had now been completed.

"100 per cent of the bank's business is now online," Dr Joseph said, adding that the bank had established the largest network of core banking branches in the private sector next only to three other new generation banks, involving an investment of Rs44 crores.

SIB recently won the special award for banking technology excellence in the category of Information Security Policies and Practices from IDRBT, the technical arm of Reserve Bank of India.