South Indian Bank scores a six at the Indian Banking Association Awards, 2022

For the second year in a row, the South Indian Bank (SIB) won handsomely at the Indian Banking Association (IBA) Awards, 2022.

At the 18th edition of the awards, SIB bagged podium honours in six out of seven categories. Sri Rabi Sankar, Deputy Governor of the RBI, handed over the awards at a glittering ceremony held in Mumbai on December 3.

SIB grabbed the honours in the following categories:

- Winner - Best IT Risk Management

- Runner Up - Best Technology Bank of the Year

- Runner Up - Best Use of AI/ML adoption

- Runner Up - Digital Sales & Engagement

- Runner Up - Technology talent and organisation

- Special Mention - Best Fintech Collaboration

The awards acknowledge SIB's amplified focus on new-age digital technology such as AI/ML (artificial intelligence/machine language), RPA (Robotic Process Automation), Data Analytics and Cloud Adoption. It also rewards the bank for entering into strategic partnerships to deliver new products and services for an enhanced customer experience.

Sharing his happiness on the occasion, Mr. Murali Ramakrishnan, MD & CEO of South Indian Bank, said, "We are happy that the IBA has recognised our technological prowess. Winning the IBA awards in multiple categories over two successive years is a great recognition of our ongoing efforts to become the next generation bank. This validates our efforts to become a technology-driven organisation founded on trust. They further inspire us to continue investing in technology frameworks in an endeavour to become the next-generation bank."

The IBA awards are much sought-after and considered one of the prime acknowledgements in banking excellence. The annual awards recognise initiatives and practises across 247 banking companies operating in India.

This year's IBA recognitions centred on the theme "The Future of Digital and Analytics" acknowledge the technologies and practises adopted in the banking industry over the past year. The practises represent initiatives that demonstrate a high degree of innovation. For 2022, the awards were clubbed into categories based on the size of the advances: small (advances of 0-2 lakh crore), medium (advances of 2-5 lakh crore), and large banks (advances above 5 lakh crore).

Shares of The South Indian Bank Limited was last trading in BSE at Rs. 18.35 as compared to the previous close of Rs. 18.00. The total number of shares traded during the day was 7797431 in over 11627 trades.

The stock hit an intraday high of Rs. 18.70 and intraday low of 17.80. The net turnover during the day was Rs. 143046461.00.

Source : Equity Bulls

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