| Industry | Banking Financial services |
|---|---|
| Founded | 11 may 1921 |
| Headquarters | Tuticorin, Tamil Nadu, India |
| Key people | M. V. Shanmugavel Nadar T. V. Balagurusamy Nadar |
| Profit | 250.90 crore (US$47.67 million) (2010) |
| Website | www.tmb.in |
Tamilnad Mercantile Bank Limited is a bank head-quartered in Tuticorin in Tamil Nadu, India. It is colloquially referred to as TMB. It was founded by members of Nadar Mahajana Sangam in 1921.[1] 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.[2] For financial year 2009-2010, the bank reported a net profit of 184.53 crores .[3] The bank at present has 245 branches spread all over India.
Contents |
The history of Tamilnad Mercantile Bank Ltd., the then Nadar Bank Ltd., dates back to 1921.[4] The thought of establishing a bank under the guidance of the able Nadar business community was mooted out in the Anniversary of Nadar Mahajana Sangam held at Tuticorin in 1920. The proposal was effected soon. The bank was registered on May 11, 1921 as "The Nadar Bank Ltd".
The bank was having only 4 branches in the year 1947 at Tuticorin, Virudhunagar, Madurai and Sivakasi. The bank had also a branch at Colombo in the year 1937 and the same was closed in the year 1939[4]. The bank has now 245 full fledged branches all over India, 7 Regional Offices and 11 Extension Counters, 2 Mobile Banking Branch, 6 Central Processing Centres, 2 Currency Chests and 215 Automated Teller Machines[4].The first branch outside the State of Tamil Nadu was opened in the year 1976 at Bangalore. The first fully computerized branch was opened at WGC Road, Tuticorin on Dec 09, 1984. The bank had established its first currency chest in 1993 at Madurai and has the industrial finance branches at Coimbatore, Chennai and Secunderabad. The Bank has launched ATM Card from Nov 11, 2003.
TMB have tie-up arrangements with IDBI Bank 108 locations and HDFC Bank 462 locations gives an effective branch network of 794.