Kerala-based South Indian Bank has joined hands with Bank of New York Mellon to facilitate remittances from the US to India.

Mr. V. A. Joseph, the bank's managing director, stated that Malayalam superstar Mammootty, the bank's international brand ambassador, would unveil this facility at Kochi on Friday.

The South Indian Bank owns 580 arms spread across 26 Indian states.

On May 26, South Indian Bank announced that it has decided to split its stocks 1:10 to make it inexpensive to more individuals and expand its retail shareholders base.

As per bank's statement, "The share split decision has been taken to make our shares affordable to the small shareholders and also for broad-basing of retail shareholders which would encourage wider retail investor participation, including that of the NRIs."

The bank's board decision is subject to shareholders' nod and authorization from regulatory authorities. (With Inputs from Agencies)