Current Affairs PDF

IBA’s 17th Annual Banking Technology Awards 2021: South Indian Bank won 6 awards Including Best Technology Bank of the Year

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

South Indian Bank bags six IBA awards

The South Indian Bank (SIB), headquartered in Thrissur, Kerala, has won 6 awards at the Indian Banks’ Association (IBA)’s 17th Annual Banking Technology Awards 2021. The 6 awards for South Indian banks include the ‘Best Technology Bank of the Year 2021’ under the “small bank” segment. 

  • The IBA 17th Annual Banking Technology Conference and Awards 2021 organised by the IBA was virtually held on 14th February 2022. 
  • The IBA Awards 2021 celebrate “Next-Gen Banking” and recognise the technologies and practices in the banking industry that have demonstrated a high degree of innovation over 2021.

Highlights: 

i.The Best Technology Bank of the Year recognises the efforts of the South Indian Bank(SIB) on the digital and technology front to provide a ‘Next Generation Banking’ experience to its customers. 

The SIB has bagged 6 awards in the categories like 

  • Best Technology Bank of the year (Small Banks): winner
  • Best Use of Artificial intelligence (AI)/Machine learning (ML) T& Data (Small Banks): winner; Karur Vysya Bank(KVB) is the joint winner of this award. 
  • Best IT Risk & Cyber Security Initiatives (Small Banks): winner
  • Best Payments Initiatives (Private Banks): 1st runner up 
  • Cloud Adoption (Small Banks): 1st runner up
  • Best Fintech Adoption (Small Banks): winner

ii.KVB has won 3 awards under the Cloud Adoption (Small banks): winner, Best Use of AI/ML & Data Analytics (Small Banks) joint winner; and Best IT Risk & Cyber Security Initiatives (small banks); runner up, along with Jammu and Kashmir (J&K) Bank. 

iii.The Karnataka bank has won 3 awards under Best Technology Bank of the Year, Best Fintech Adoption, and Best Use of AI/ML & Data Analytics – all Runner Ups.

Winners of IBA’s 17th Annual Banking Technology Awards 2021:

CategorySegmentWinner 
Best Technology Bank of the YearLarge BanksBank of Baroda (BoB)
Small BanksThe South Indian Bank(SIB)
Foreign BanksCitibank N.A.
Regional Rural BanksBaroda Rajasthan Kshetriya Gramin 
Cooperative BanksThe Saraswat Coop Bank
Best Use of AI/ML & Data Analytics LargeBanksICICI Bank Ltd
Small BanksThe South Indian Bank

Joint winner: Karur Vysya Bank(KVB)

Regional Rural BanksTelangana Grameena Bank
Best IT Risk & Cyber Security InitiativesLarge BanksUnion Bank of India
Medium BanksYes Bank
Small BanksThe South Indian Bank
Foreign BanksThe Hongkong & Shanghai Banking Corporation Ltd

(HSBC)

Regional Rural BanksBaroda Rajasthan Kshetriya Gramin

Joint winner: Telangana Grameena Bank

Cooperative BanksThe Saraswat Coop bank
Small Finance/Payment BanksUjjivan Small Finance Bank
Best Digital Financial Inclusion InitiativesLarge BanksState Bank of India
Small BanksThe Jammu & Kashmir Bank
Regional Rural BanksBaroda Rajasthan Kshetriya Gramin
Best Payments InitiativesPublic BanksState Bank of India
Private BanksICICI Bank Ltd
Cloud AdoptionLarge BanksUnion Bank of India
Medium BanksYes Bank
Small BanksKarur Vysya Bank
Foreign BankCitibank N.A
Regional Rural BankBaroda Rajasthan Kshetriya Gramin
Best Fintech AdoptionLarge BanksICICI Bank
Medium BanksFederal Bank
Small BanksSouth Indian Bank
Regional Rural BankBaroda Rajasthan Kshetriya Gramin 

Recent Related News: 

i.Axis Bank & CRMNEXT Solution won the IBS Intelligence (IBSi) Global FinTech Innovation Awards 2021 for the “Best CRM (Customer Relationship Management) System Implementation”.

  • It is one of the most prominent awards for the global bankers and IT (Information Technology) consultants across the world.

ii.HDFC Bank, an Indian banking and financial service company has selected under ‘Most Innovative Best Practice’ at the coveted Confederation of Indian Industry (CII) Digital Transformation Award 2021 or CII DX Award 2021.

About Indian Banks’ Association(IBA):

Chief Executive– Sunil Mehta
Headquarters– Mumbai, Maharashtra 
Formed on 26th September 1946 

About South Indian Bank(SIB):

Part-time Chairman– Salim Gangadharan 
MD & CEO– Murali Ramakrishnan
Headquarters– Thrissur, Kerala
Tagline– Experience Next Generation banking