September 12, 2015
The Tamil Nadu Mercantile Bank (TMB) is planning to open exclusive and specialized banks solely for NRI account holders.
The bank has currently chosen a few locations in Tamil Nadu and Kerala for the trial run. The first of these branches will most likely be opened in Tamil Nadu. This was revealed by the Managing Director and CEO of the Tamil Nadu Mercantile Bank, H.S. Upendra Kamath. Based on the response, more such branches will be opened all over the country.
Also in the offing are five new IT-based products. Two products, launched on trial basis, are – Fleet Card and Campus Card. While the pre-loaded Fleet Cards are for truck drivers to enable them fill the fuel at outlets all over the country, the Campus Card is for students to help them pay their tuition and hostel fee.
This year, TMB has increased its annual target to Rs.55,000 crores, against Rs.45,200 crores in 2014-15. The bank has brought down its non-performing assets to 0.63 percent. TMB also has plans to increase its number of branches to 500 from 439, and ATM outlets to 1,100 from 910, before the end of the current financial year.