What is the full form of SIB?
The full form of SIB is the South Indian Bank Limited. SIB, headquartered is located in Thrissur, Kerala, India, is a major private sector bank. There are eight seventy-one branches, Four service branches, fifty-three extension counters and twenty regional offices distributed throughout India. Over 1,500 ATMs & ninety-one cash deposit devices have also been established by the bank.
A brief history of SIB
- 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 the 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’s 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.