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Tamilnad Mercantile Bank Ltd
Tamilnad Mercantile Bank Ltd is a private sector bank in India. The bank has a pan-Indian presence with more than 200 branches located in different Indian states. Tamilnad Mercantile Bank Ltd made a net profit of Rs. 101.19 crores ending Financial Year March 2006. The bank is popularly known by its initials: TMB.
Banking History
Tamilnad Mercantile Bank Ltd in India started commercial operations from 1921. The bank was initially named Nadar Bank Limited. Shri M.V Shanmugavel was the first Chairman. Tamilnad Mercantile Bank Ltd achieved 4 branches by 1947. The branches were situated at Madurai, Virudhnagar, Sivakasi, and Madurai. Tamilnad Mercantile Bank started its first Currency Chest at Madurai in 1993. Industrial finance branches are to be found at Chennai, Secunderabad and Coimbatore.
Distribution
Tamilnad Mercantile Bank Ltd presently has 7 regional offices, 202 fully equipped bank branches and 12 Extension Counters. All units of the bank structure are computerized and electronically connected to each other. ATM services of the bank started from 11th November, 2003. Tamilnad Mercantile Bank has commercial agreements with HDFC Bank and IDBI Bank for bank branch sharing. This arrangement enables the customer to conduct banking activities from a larger number of branches.
Rural Banking
Tamilnad Mercantile Bank lays special stress on rural banking. A substantial number of bank branches are located in rural part of the country. The bank is also noticeably successful in introducing new deposit schemes. The deposit mobilization process was particularly successful. The money stored as bank deposits had crossed Rs 5203 crores as in financial year ending 31 March, 2006.
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HDFC Standard Life
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