The full form of SIB is the South Indian Bank Limited. Major private sector bank SIB is headquartered in Thrissur, Kerala, India. Across India, there are twenty regional offices, fifty-three extension counters, four service branches, and eight seventy-one branches. The bank has also established over 1,500 ATMs and 91 cash deposit machines.
A Brief History of SIB
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- SIB was incorporated under the Companies Act of 2013 as a Private Limited Company and started business in Round South, Thrissur, on 29 January 1929.
- A community of 44 Thrissur businessmen who donated 500/- each to initially paid-up capital of 22,000/- was founded by SBI Ltd.
- Their main goal was to encourage Thrissur’s merchant group by liberating themselves from the hands of the cash lenders who demanded high-interest rates.
- The bank has provided very strong encouragement from the general public. The development was low but stable initially. The number of subsidiaries established last year proved its continuity & success.
- It was included in the RBI’s second timetable and then became a scheduled bank on 7 August 1946.
- On 17 June 1957, SIB was the very first scheduled private sector bank in Kerala to obtain a license from the RBI under Section 22 of the Banking Regulation Act, 1949.