South Indian Bank - Revamped Business Model Yielding Positive Results: ICICI Securities

ICICI Securities Report

South Indian Bank Ltd., post the onboarding of new Managing Director (Mr. Murali Ramakrishnan) in September 2020, reimagined its business model and adopted 6Cs strategy which focuses on – current account and savings account, cost ratios, customer focus, capital, compliance and competency building.

In order to ensure the successful implementation of the above stated strategy, it initiated a series of corrective measures like –

1. reducing exposure to BBB and below rated corporates,

2. revamp HR policies to bring in ‘ownership’ approach,

3. focus on ‘profitable growth’ rather than ‘volume growth’ and

4. restructure asset and liability operations.

It also realigned organisational structure by setting up a separate operations team for asset and liability, segregating underwriting and business functions, strengthening capabilities in digital, risk management and analytics with focus on mitigating frauds and improving collections.

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