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SIB bags banking technology award

Staff Reporter

KOCHI: The South Indian Bank (SIB) has won a special award for excellence in banking technology from IDRBT (Institute for Development and Research in Banking Technology), the technical arm of the Reserve Bank of India. This award is presented to the bank as a national level recognition to the contribution made in the area of Information Systems Security Policies and Practices, according to a press release from the bank.

The bank bagged the award by competing with foreign banks and banks in the public sector, private sector and cooperative sector. The award was given at a glittering function held on Saturday at IDRBT, Hyderabad. Chairman and Chief Executive Officer Dr. V A Joseph received the award from Reserve Bank of India Governor Y.V Reddy. Chairman of Indian Banks' Association and Chairman IDBI Limited V.P. Shetty and Director of IDRBT Arvind Sharma were present.

South Indian Bank is the only old generation private sector bank to receive this prestigious award, the press release said. SIB is one of the few banks in the country that implemented Core Banking Solution (CBS) in 2001. It has 377 branches and 26 Extension Counters networked under CBS covering a total business of about 95 per cent. Leveraging on the CBS platform, the bank has been offering the entire gamut of IT enabled services such as Anywhere Banking, Internet and Mobile Banking.

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