South based private sector lender, South Indian Bank has been honored as India's Best Bank 2010 by 'Businessworld-PricewaterhouseCoopers Best Banks Survey'.

"This coveted award speaks strongly of the corporate metamorphosis the bank has undergone by effecting rebranding, achieving asset quality, implementing banking technology and recruiting young and qualified personnel," the bank's managing director and chief executive officer V.A. Joseph said.

The bank had also bagged award for the best old private sector lender in the Banking Excellence Awards organised by the State Forum of Bankers' Clubs.

The bank has recorded consistent improvement in its asset quality owing to higher proportion of recoveries and lower delinquencies.

''Vision 2013' of the bank envisages a total business of Rs.75,000 crore, a network of 750 CBS (core banking solution) branches and 750 ATM centres, an employee headcount of 7500. We are poised to achieve Rs.48,000 crore business at the end of this fiscal," added Joseph.