Kochi: The 200th automated teller machine (ATM) was inaugurated by  Mamootty, the south Indian superstar and global brand ambassador of South Indian Bank (SIB), at  Saritha, Savitha, Sangeetha theatre complex Banerji Road, Ernakulam. The Chairman and CEO of SIB, V A Joseph presided over the function.

This ATM was to be launched by 31st March 2008, but it was incorporated into the bank's rapidly growing ATM network three months ahead of schedule. Extension of core banking solutions (CBS) in its network has been one of the priority areas of the bank and the bank currently has 487 branches under its CBS network. In addition to the above the bank also has 27 extension counters.

SIB had set up a target of Rs. 25,000 crore as total business for this fiscal year, and it has already done more than Rs. 24,000 crore business. SIB has planned a rapid expansion and is proposing to open its 500th branch at New Delhi by March 2008.

The bank is also consolidating its presence in Tamil Nadu, and is planning to open a new branch in Dharmapuri next month and three in Chennai before March 2008. RBI had granted permission to open 28 new branches to South Indian Bank. South Indian Bank is a pioneer private sector bank in India and has the third largest branch network among such banks. Various products catering to individuals, NRIs and business are offered by South Indian Bank and it also offers Internet banking services through its Sibernet Retail and Sibernet Corporate channels.