South Indian Bank has launched a new portal called ‘SIB TF Online’ for its corporate EXIM customers. The portal facilitates a platform for trade-related payments to foreign entities remotely. The customer can initiate the payment request over SIB TF Online after uploading the relevant supporting documents for the transaction.
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About the “SIB TF Online”
- SIB TF Online is yet another accomplishment by the bank to make its operations more tech-driven. It comes close on the heels of launching the internet banking facility targeting retail savings and NRE SB customers to initiate foreign remittances without visiting the branch.
- The bank plans to launch SIB TF Online in phases, with the initial version allowing three types of import remittances such as advance remittance for Imports, remittance against import bill received from overseas bank for collection (Bank-to-Bank Foreign Inward Collection Bill) and payment against Import documents received by the importer directly from overseas suppliers.
Important takeaways for all competitive exams:
- South Indian Bank Headquarters: Thrissur, Kerala;
- South Indian Bank CEO: Murali Ramakrishnan;
- South Indian Bank Founded: 29 January 1929.