South Indian Bank opens 30 new branches in a day

THRISSUR: South Indian Bank , headquartered in this district of Kerala, Saturday opened 30 new branches at various locations in the country taking its network strength to 640.

Azim Premji, chairman and MD of Wipro, inaugurated the renovated corporate office of the bank here.

Acknowledging that Wipro had huge stakes in banking, Premji said banks in the country had to face the dynamism of a changing world.

"They have to face increased competition and shoulder many new responsibilities, including those pertaining to the rural sector, and serve the less privileged," said Premji.

He said the global economic crisis emanated due to the indiscipline in the US and European banking systems.

"It did not affect the Indian banking system much due to effective steps taken by the RBI ( Reserve Bank of India ) and the self-discipline of banks in India," he said.

"Financial inclusion in India at present compares poorly with its peers in Asia. Bank branches exist only in nine per cent of villages in India. Rural penetration can be increased only by increased use of information technology," said Premji.

Source: EconomicTimes