South Indian Bank Launches EXIM Trade Portal – ‘SIB TF Online’

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 Importer directly from overseas suppliers. In the launch of subsequent phases, the portal will facilitate all other forex transactions as well.

logo credit - seeklogo /South Indian Bank
article continues after this advertisement

The Kerala-headquartered South Indian Bank (SIB) has launched a new portal called ‘SIB TF Online’ for its corporate EXIM customers. The portal provides the customers with a platform for trade-related payments and remittances to foreign entities without visiting the bank’s branches. The customer can initiate the payment request over SIB TF Online after uploading the supporting documents for the transaction.

SIB TF Online is yet another accomplishment by South Indian Bank in its endeavor to make its operations more tech-driven.

It comes close on the heels of the success of the internet banking facility launched specifically to enable retail savings bank (SB) and NRE SB customers to initiate foreign remittances without visiting the branch. Similar to the internet banking facility, SIB TF Online would offer customers a simplified transactional experience.

The bank plans to launch SIB TF Online in phases with the initial version allowing for three types of import remittances, namely :

  1. Advance Remittance for Imports,
  2. Remittance against Import Bill received from overseas Bank for Collection, (Bank-to-Bank Foreign Inward Collection Bill) and
  3. Payment against Import documents received by Importer directly from overseas suppliers. In the launch of subsequent phases, the portal will facilitate all other forex transactions as well.

SIB TF Online has been hosted on the home page of Corporate Internet Banking (SIBerNet) and would allow corporates to transact on the portal digitally and 24×7, in a safe and paperless manner.

Shares of South Indian Bank Ltd was last traded in BSE at ₹7.38 as compared to the previous close of ₹7.54. The total number of shares traded during the day was 885406 in over 5789 trades.

The stock last hit in BSE,

  • Intraday High of ₹ 7.56
  • Intraday low of ₹ 7.42