The Hindu Business Line : South Indian Bank exceeds annual recovery target

The South Indian Bank, which had set an annual recovery target of Rs 130 crore to be achieved by the end of the current fiscal, has already exceeded the mark, Dr V.A. Joseph, Chairman and CEO of the bank, said.

Presiding over the inauguration of the 490th branch in Malappuram district in Kerala, he said that this achievement would be the latest recognition to the bank, which was rated the ‘Top NPA Manager’ in the recent Assocham Eco-Pulse study for having reduced the NPA substantially within one year.

The bank could reduce net NPA to 0.49 per cent at the end of December 2007 as against 1.49 per cent during end-December 2006. This was against a targeted NPA of 0.50 per cent for the fiscal year 2007-08.

Account campaign

The bank with its new-generation technological practices is aiming to reach out to a wider customer base. With this objective in mind, it recently launched a Current Account/Savings Account campaign, Dr Joseph said.

The bank has so far opened 22 core-banking solutions branches and 15 online ATM centres in the un-banked district of Malappuram in Kerala, a press release from the bank said.

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