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South Indian Bank to set up non-financial subsidiary

South Indian Bank to set up non-financial subsidiary

Published:10 August 2020

The subsidiary would enable to streamline and optimise various operations so as to improve the overall productivity and efficiency of the institution, bank Managing Director Chief Executive Officer V G Mathew said.

Kochi | The Kerala-based South Indian Bank on Monday said it has obtained in-principle approval from the Reserve Bank of India (RBI) to set up a wholly-owned non- financial subsidiary.
The subsidiary would commence operations once the bank completes the related formalities and after obtaining the final approval from the regulators, it said in a statement.
The subsidiary would enable us to streamline and optimise various operations so as to improve the overall productivity and efficiency of the institution, bank Managing Director Chief Executive Officer V G Mathew said.
The bank said the subsidiary was a further step in consolidating SIBs position "as a Retail Banking Power House."
SIB has already centralised all its operations both on the liability and asset sides, the statement said.
"With the setting-up of the subsidiary, the bank would be able to further streamline its operations and achieve significant gains on the efficiency and cost fronts, facilitating major expansion in business in the Retail sector.
"By centralising various outsourced functions under an umbrella, the Bank would be better equipped to expand its operations besides cutting down expenses to a sizable level", it added.


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