Date:01/10/2004 URL: http://www.thehindubusinessline.com/2004/10/01/stories/2004100101900600.htm

Back SIB launches 2 products

Our Bureau

Kochi , Sept. 30

HAVING successfully mobilised Rs 47.68 crore from the rights issue, the Thrissur-based South Indian Bank plans to enter the capital markets in the next couple of years to further shore up its capital base.

Launching two new products, the Chairman, Mr A. Sethumadhavan, said that SIB Cash Passport and SIB Utsav were part of a series of new technology driven products , targeting specific customer segments. The latest launch follows the product, Shreeshakthi, targeted specifically at women.

The 1:3 rights issue, which was subscribed over two times, will take the capital adequacy requirement of the bank above 13 per cent.SIB Cash Passport is a pre-paid card for travelling abroad, issued in association with Interpayment Services. The cards can be loaded anywhere between $ 100 and $ 10,000, and can be withdrawn while travelling to any part of the world.

SIB Utsav is a family-specific loan product intended for celebrations for family members.