The Hindu Business Line : SIB to launch mobile banking

Chennai, March 18 South Indian Bank hopes to be the second bank in India, after Barclays, to offer mobile-based transaction services to its customers, the bank’s Chairman and CEO, Dr V.A. Joseph, told Business Line. A customer of the bank will be able to transfer funds out of his account into the account of another customer of the bank. The customer will also be able to pay telecom and utility bills using his mobile — upon instruction, the bills will be paid out of his account.

This service will be introduced within the next two months, Dr Joseph said.

Over time, the customer will be “m-commerce enabled” to do several other transactions. For example, he could buy and sells shares through Geojit Financial Services, the stock broking company. Payments would be made out of and received into the customer’s bank account.

Dr Joseph was here in connection with the launch of the bank’s 496th branch, in Chennai. On March 29, the bank will open its 500th branch, in New Delhi.

5-year plan

He said that the bank’s board of directors has approved a five-year plan. The plan envisages taking the bank’s total business to Rs 75,000 crore, three times as much as now. Of this, deposits would be Rs 44,000 crore and advances Rs 31,000 crore. The bank would have a network of 750 branches and 7,500 employees, compared with 4,200 now.

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