Thrissur (Kerala) Oct 26 : Kerala-headquartered South Indian Bank (SIB) has emerged as the largest service provider for the "New Pension System" (NPS), launched by the central government.

With 134 of its branches authorised to offer the service, SIB became the largest service provider among the 21 banks and financial institutions operating this pension and investment scheme, the bank said Monday.

"This scheme will empower subscribers to plan their retirement and pension. This is a good investment tool," said V. A. Joseph, managing director and chief executive of the bank.

NPS is a social security scheme open to all employees falling in the age category of 18-55.

The scheme is implemented by the Pension Fund Regulatory and Development Authority (PFRDA).

Last week, Oscar award winner Resul Pookutty launched this service for SIB's NRI customers here.

SIB posted the highest ever quarterly net profit of Rs. 60.11 crore in the first quarter this fiscal as against Rs. 38.62 crore reported in the like period last year, registering a growth of 55.64 percent.

The bank recently was in the news when it bagged the 10th "Financial Express" Awards for "India's Best Banks" in the traditional banks' category. (IANS)