Tamilnad Mercantile Bank is indeed one of the strongest commercial banks from South India. It was registered in the year 1921, as “The Nadar Bank Ltd.” Later in November 1962, the name was changed to Tamilnad Mercantile Bank. A major contribution of TMB to the banking sector was the introduction of computerization for handling branch-level operations.
It is one of the most renowned and trusted names in the banking industry. Therefore, investing in their shares can be a good option.
Out of 509 branches, 457 branches are located in rural, semi-urban & urban (non-metro) centers. The bank had achieved a turnover of Rs. 15,726 crores in foreign exchange for the year ended March 2019. In terms of forex turnover, TMB ranks first among the Tamil Nadu-based private sector banks. TMB is a member of the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
About the Company:
- 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. The Bank is rated as 'CRISIL A1+’ by the CRISIL-Credit rating agency.
- TMB is amongst the select few banks in India with ISO Certification towards their secure information system management practice.
- TMB has tie-up arrangements with IDBI Bank (136 locations), and HDFC Bank (531 locations).
- Tamilnad Mercantile Bank Limited is a banking institution providing financial services like granting loans and accepting deposits.
- The Bank initially known as “The Nadar Bank Ltd.” which was registered on May 11, 1921, and became a Scheduled Bank under the Reserve Bank of India Act on May 11, 1935. The Nadar Bank Ltd., changed its name to Tamilnad Mercantile Bank Ltd., on Nov 26, 1962.
- The Bank has now 509 full-fledged Branches all over India, 12 Regional Offices, 11 Extension Counters, 6 Central Processing Centres, 1 Service Branch, 4 Currency Chests, and 1151 Automated Teller Machines. All the 509 branches are computerized and interconnected.
History & Evolution
- The history of Tamilnad Mercantile Bank dates back to 1921.
- The idea to establish a bank for the Nadar business community was first proposed at the Anniversary of the Nadar Mahajana Sangam held at Tuticorin in 1920.
- The Bank was registered on 11th May, 1921 as The Nadar Bank Ltd.
- The Bank was open by Shri T. V. Balagurusamy Nadar, the then President of the Nadar Mahajana Sangam and the bank open its door to public on 11th November, 1921 in Ana Mavanna Building at South Raja Street, Tuticorin.
- By 1947 the bank had only four branches: Thoothukudi, Madurai, Sivakasi and Virudhunagar.
- 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 9th December 1984.
- The Bank launched its ATM Card on 11th November 2003.
- Loans -
- TMB MSME
- TMB PMMY (Pradhan Mantri ‘MUDRA’ Yojana)
- TMB Stand-Up India Finance
- TMB Super Flexi Current Account
- TMB Commercial Vehicle
Awards & Achievements
- TMB has won the ASSOCHAM India Award 2016 for Social Banking & Agriculture Banking Excellence under the Small Banks category.
- TMB has been conferred with the “SFBCK” Banking Excellence & Businessman of the year Award 2016.
- TMB has been awarded as “The winner under credit quality category for FY 2014-15 instituted by FE India’s Best Bank Awards.”
- The bank has won the Lokmat BFSI Best Private Sector Bank 2014-15 award.
- TMB has been bestowed with the “Best Bank Award” among all Private Sectors Banks under APY (Atal Pension Yojana) for the period 1st December 2015 to 9th January 2016.
- TMB was rated as the fastest-growing Private Sector Bank continuously for the five years from 2010 to 2015.
- It was also rated as the Best Bank in the years 2013, 2014 and 2015 due to its robust growth.
- TMB is one of the strongest scheduled commercial banks in South India. It has one of the strongest financial positions and a consistently growingly track record.
- The Bank reported a Net Profit for the year ending March 31, 2021, at INR 603.33 Cr.
- The total business of the bank for the FY20-21 grew to INR 72,511.45 Cr. from INR 65,061.21 Cr. registered last fiscal.