Tamilnad Mercantile Bank

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TamilNadu Mercantile Bank Ltd is an Indian bank. It began as the Nadar Bank in 1912. The bank later changed its name to the Tamilnadu Mercantile Bank Ltd. As of September 2007, It has 200 branches all over India. ^[1]

Nadar Community Economical Consolidation through Community Network Trade:

The migrant Nadars from Southern areas around Thiruchendur, Tenkasi, Kumari and Tirunelveli to villages and towns of former Ramanathapuran & Madurai district and Palani / Kodai Hill Ranges set up Community funds (Mahamai) to Pettais & Bazar Sandhais, to promote Tamil Folk life culture pockets and Ancestor worship centers in places around Sivakasi, Thiruthangal, Sathangudi, Sathur ... and also begin social institutions. Several all the major Nadar settlements consolidated their hold in Mercantilism in Bulk and Retail trade network in Grains, Cereals, Pulses, Oilseeds, cotton, Spices, palm and wood based products, etc.

In the early part of 20th Century A section of community members could gain holding of estate properties in the western & eastern ghats and establish links in export / import Port Terminals of Indian Subcontinent, Colombo and Rangoon.

This bank in particular is the only bank to make profit throughout its history since 1912.

Nadar community Banking operations setup:

In the 20th Century, The Nadars of southern district made an impressive share in running Retail stores in Metro Cities of North Tamil Nadu making them affectionately called as Annachi Kadaihal or Nadar Malihai.

In 1910 when the Nadars in Porayar -- under the aegis of the Nadar Mahajana Sangam of the Tanjore district -- decided to start a bank and passed a resolution. In 1921, mAMM Chinnamani Nadar, then only 27 -- took an active part in the formation of the bank., M V Shunmugavel Nadar a prominent man of Tuticorin further pushed the agenda and The Nadars' resolution to start the bank in the year 1910 fructified 11 years later in Tuticorin in 1921, when the Nadar Bank was registered.

M V Shunmugavel Nadar became the bank's first chairman. In 1962, the Nadar Bank became the Tamilnad Mercantile Bank.

[edit] See also

Banking in India

The Nadar community civil society associations or federations (eg. URAVINMURAIs in Nadar community had a secular outlook and became gradually mutual aid structures forming several co-operative units for the community such as in charge of founding schools for the all community children, microfinancing through pettais and bank, Siddha hospitals etc in Tamilnadu, creating co-operative movements (example of Co-operative sugar mills in Maharastra, Co-operative banks in Gujarat).

They behaved like a collective enterprise with economic and political objectives. The bank thus formed with the initiative of the leaders of Nadar Mahajana Sangam came into existence and growth as Tamilnadu Mercantile bank.