SICB Tap ICICI Bank, HDFC Bank For Sharing ATMs

Mumbai, Aug 29: | Updated: Aug 30 2003, 05:30am hrs
The South Indian Co-operative Bank (SICB) is in talks with HDFC Bank and ICICI Bank for sharing their automated teller machines for enabling its customers to withdraw when they are outside Mumbai.

Talking to press persons here on Friday, bank chairman Raghavan Sarathy said: We are in talks with both the banks for extending this facility to our customers when they are outside Mumbai. We already have a cheque and demand draft issuing arrangement with HDFC Bank.

Cooperative banks are not allowed to issue cheques and drafts above Rs 50,000 in their name. So, it is necessary for them tie-up with a bigger bank.

SICB is also awaiting granting of scheduled status by the Reserve Bank of India (RBI). We have submitted an application for scheduled status last year. We are expecting it anytime now, Mr Sarathy said.

The bank is planning to set up five more branches in the city, and has already applied the RBI approval, Mr Sarathy added.

The banks, which got the RBI approval for setting up four ATMs, has set up only one so far, and in the process of setting the remaining three. The bank has 11 branches and two extension counters.

The bank had a 64 per cent credit-deposit ratio at end-March 2003.

The bank has posted Rs 63 lakh net profit for the year ended March 2003. SICB having a net non-performing assets of over Rs eight crore (4.3 per cent) as on March 31, 2003, had shareholders funds (capital base and reserves and surpluses) of Rs 11.69 crore.