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Tamilnad Mercantile Bank

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Tamilnad Mercantile Bank
Company typePrivate company
IndustryBanking and Financial Services
Founded11 May 1921
HeadquartersTuticorin, Tamil Nadu, India
Area served
Worldwide
Key people
HS Upendra Kamath
(MD & CEO)[1]
ProductsConsumer banking, Corporate banking, Finance and Insurance, Investment banking, Mortgage loans, Private banking, Wealth management
RevenueIncrease₹95,706 million (US$1.1 billion) (2016)[2]
Increase ₹64,021 million (US$770 million) (2016)[1][2]
Total assets₹352,663 million (US$4.2 billion) (2016)[2]
Websitewww.tmb.in

Tamilnad Mercantile Bank Limited (TMB) (Tamil)தமிழ்நாடு மெர்கண்டைல் வங்கி is a bank headquartered at Tuticorin, Tamil Nadu, India. TMB was founded in 1921 as the Nadar Bank, but changed its name to Tamilnad Mercantile Bank in November 1962 to widen its appeal beyond the Nadar community. For the financial year 2015-2016, the bank reported a net profit of ₹ 4021 million.[1][4][5] The bank currently has 500 full branches throughout India, ten Regional offices and eleven Extension Counters, six central processing centres, one Service Branch, four Currency Chests and 1052 Automated Teller Machines (ATM).[6][7] The bank has been expanding its footprint all over India.

TMB was rated as the fastest growing Private Sector Bank continuously for the five years from 2010 to 2015.[8] It was also rated as the Best Bank in the years 2013, 2014 and 2015, due to its robust growth.[8] During the years of 2015 and 2016 it did total business of 529 billion rupees.[1][4] The bank's planned outlay for the financial year is to reach business worth 600 billion rupees, add an additional 24 branches, and increase its ATMs to 1150.[1] The bank has won the Lokmat BFSI Best Private Sector Bank 2014-15 award.[8]

History

Extracted from Pdf Using Inkscape
Old logo, used till 2012

The history of Tamilnad Mercantile Bank dates back to 1921.[6] The idea to establish a bank for the Nadar business community was first proposed at the annual meeting of the Nadar Mahajana Sangam held at Tuticorin in 1920.[9] The bank was originally registered on 11 May 1921 as Nadar Bank Limited under the Indian Companies Act, 1913. M.V.Shanmugavel Nadar was elected as the first chairman on 4 November 1921. The bank was opened to the public by T.V.Balagurusamy Nadar on 11 November 1921 in Ana Mavanna Building at South Raja Street, Tuticorin.[10]

In 1937 Nadar Bank opened a branch in Ceylon, but by 1939 it had closed it.[11]

By 1947 the bank had only four branches: Tuticorin, Madurai, Sivakasi and Virudhunagar.[6] The bank opened its first Indian branch outside the state of Tamil Nadu in 1976 at Bangalore.

The first fully computerised branch was opened at WGC Road, Tuticorin on 9 December 1984. The Bank launched its ATM Card on 11 November 2003.

Technology Initiatives

Tamilnad Mercantile Bank was the first private sector bank in India to introduce computerisation for branch-level operations. The bank adopted modernization as early in the year 1983. Today all 500 branches of the bank are networked using Infosys's "FINACLE" Software and have achieved 100% connectivity.[12]

RTGS/NEFT facilities in ebanking have been successfully implemented. The bank has also entered into an agreement with BillDesk (India ideas.com), CCAvenue (Avenues India), SBI ePay, Atom Technologies and PayU India for providing payment gateway services to the internet banking customers. It was the first old bank to have introduced mobile banking and providing POS machines to their Customers.

The bank has implemented a video conferencing facility to connect Head Office with various Departments and Regional offices. TMB is a member of National Financial Switch for its ATM operations.

Tie-up arrangement made with Western Union Money Transfer, UAE Exchange & Financial Services...etc. for remittances from abroad to India to facilitate quick receipt of remittances by the beneficiaries. The bank has tie-up agreement with ICICI Prudential Mutual Fund, UTI Mutual Fund, Reliance Mutual Fund, Franklin Templeton Mutual Fund, Birla Sun Life Mutual Fund, Sundaram Mutual Fund and HDFC Mutual Fund for selling their Mutual Fund Products. The bank became a Depository participant through NSDL to make available Demat facilities. TMB was the first bank in south India to offer ASBA facilities.[13] It also offers off-line and online share-trading through Religare Securities. TMB entered the commodity futures market by becoming a clearing bank for NCDEX and MCX. It was one of the first banks in the banking industry to have online deposit opening through the TMB e-connect facility.

TMB has introduced "Choose Your Account Number" facility for anywhere banking account holders and introduced Missed Call Banking to check Account Balance, BSNL bill payment through branches and RuPay Debit Card.[1] The Mobile application like TMB e-Passbook and TMB Locations are also introduced.

Foreign Exchange

The bank had achieved a turnover of Rs. 23,388 crores in foreign exchange for the year ended March 2016.[4] In terms of forex turnover, TMB ranks first among the Tamil Nadu-based private sector banks. With a view to provide enhanced facilities to the bank’s customers, the bank shifted its foreign exchange department from Tuticorin to Chennai, and created an integrated Treasury and Foreign Exchange Operations Department with adequate infrastructure to handle trading in Government Securities, Bonds, Shares, foreign exchange and derivatives...etc. TMB is a member of the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

Branch sharing tie up

TMB has tie-up arrangements with IDBI Bank (136 locations), and HDFC Bank (531 locations).[14]

Citations and references

Citations
  1. ^ a b c d e f "Message from the CEO Desk". Tmb.in (9 June 2016).
  2. ^ a b c "Balance Sheet 31.03.2016". Tmb.in (9 June 2016).
  3. ^ Computerization - Find More About Our Computerization Efforts : Get the Best Interest Rates on Deposits from the Best Indian Bank for NRI Deposits. Tmb.in (11 November 2003).
  4. ^ a b c "Financial Highlights". Tmb.in
  5. ^ http://www.tmb.in/press/p2015060203.pdf
  6. ^ a b c "Knowing TMB - Answer To All Your Questions About Us : Get the Best Interest Rates on Deposits from the Best Indian Bank for NRI Deposits". Tmb.in. Retrieved 14 February 2012.
  7. ^ "Whats New @ TMB". Tmb.in (25 August 2015).
  8. ^ a b c "Awards & Achievements". Tmb.in (28 August 2015).
  9. ^ Indian Models of Economy Business And Management. p. 274. ISBN 978-81-203-3423-6. {{cite book}}: Unknown parameter |authors= ignored (help)
  10. ^ "Tamil Nadu Mercantile Bank website".
  11. ^ de S. Gunasekara (19620, p.184.
  12. ^ "The History of Tamilnad Mercantile Bank"
  13. ^ "TMB to offer ASBA facility"
  14. ^ "Tie Up Branches". Tmb.in (19 August 2015).
References
  • de S. Gunasekera, H.A. (1962) From dependent currency to central banking in Ceylon; an analysis of monetary experience, 1825-1957. (London School of Economics and Political Science, University of London).
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