Tamilnad Mercantile Bank Limited

Tamilnad Mercantile Bank Limited (TMB) is a bank headquartered at Thoothukudi, 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 2018–2019, the bank reported a net profit of ₹ 2585 million.[2][5][6] The bank currently has 509 full branches throughout India, 12 Regional offices and eleven Extension Counters, six central processing centres, one Service Branch, four Currency Chests, 19 eLobby centres and 1094 Automated Teller Machines (ATM).[7][8] The bank has been expanding its footprint all over India.

Tamilnad Mercantile Bank Ltd
Private Banking Company
IndustryBanking and Financial Services
Founded11 May 1921 (1921-05-11)
HeadquartersThoothukudi, Tamil Nadu, India
Number of locations
509[1]
Area served
Worldwide
Key people
K. V. Rama Moorthy
(MD & CEO)[2]
ProductsCredit cards, Consumer banking, Corporate banking, Finance and Insurance, Mortgage loans, Private banking, Wealth management
Revenue₹3,638.8 crore (US$510 million) (2019)[3]
₹884.2 crore (US$120 million) (2019)[4][3]
₹258.6 crore (US$36 million) (2019)[2][3]
Total assets₹40,532.8 crore (US$5.7 billion) (2019)[3]
Total equity₹3,618.3 crore (US$510 million) (2019)[3]
Capital ratio16.17% (2019)[3]
Websitewww.tmb.in

TMB was rated as the fastest growing Private Sector Bank continuously for the five years from 2010 to 2015.[9] It was also rated as the Best Bank in the years 2013, 2014 and 2015, due to its robust growth.[9] During the years of 2018 and 2019 it did total business of 616 billion rupees.[2][5] 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.[2] The bank has won the Lokmat BFSI Best Private Sector Bank 2014-15 award.[9]

History
Old logo, used till 2012

The history of Tamilnad Mercantile Bank dates back to 1921.[7] 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 Thoothukudi in 1920.

[10] In 1921 AMM Sinnamani Nadar[11], then only 27—took the initiative and played a pivotal role in formation of the bank. AMM Sinnamani Nadar[12] also took the initiative to identify other founding members for TMB.[13]

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, Thoothukudi.[14]

In 1937 Nadar Bank opened a branch in Sri Lanka, but by 1939 it had closed it.[15]

By 1947 the bank had only four branches: Thoothukudi, Madurai, Sivakasi and Virudhunagar.[7] The bank opened its first Indian branch outside the state of Tamil Nadu in 1976 at Bengaluru.

The first fully computerised branch was opened at WGC Road, Thoothukudi 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 509 branches of the bank are networked using Infosys's "FINACLE" Software and have achieved 100% connectivity.[16]

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.[17] 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.[2] The Mobile application like TMB e-Passbook and TMB Locations are also introduced.

Foreign Exchange

The bank had achieved a turnover of Rs. 15,726 crores in foreign exchange for the year ended March 2019.[5] 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).[18]

See also

Citations and references
Citations
  1. 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).
  2. "Message from the CEO Desk". Tmb.in (18 Sep 2017).
  3. "Balance Sheet 31.03.2019". Tmb.in (7 June 2019).
  4. "Message from the CEO Desk". Tmb.in (7 June 2019).
  5. "Financial Highlights". Tmb.in
  6. http://www.tmb.in/press/p2015060203.pdf
  7. "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.
  8. "Whats New @ TMB". Tmb.in (25 August 2015).
  9. "Awards & Achievements". Tmb.in (28 August 2015).
  10. Kanagasabapathi. Indian Models of Economy Business And Management. p. 274. ISBN 978-81-203-3423-6.
  11. "Tamil Nadu Mercantile Bank website".
  12. "Tamil Nadu Mercantile Bank website".
  13. "Rediff On The NeT Business News: Tamilnad Bank's 'original' promoter vows to wrest complete control". m.rediff.com. Retrieved 15 July 2018.
  14. "Tamil Nadu Mercantile Bank website".
  15. de S. Gunasekara (19620, p.184.
  16. "The History of Tamilnad Mercantile Bank"
  17. "TMB to offer ASBA facility"
  18. "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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