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Tamilnad Mercantile Bank to introduce Internet banking

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TMB 555: N. Chenbaharaman, Deputy Inspector General of Police, second from right, launching the Tamilnad Merchantile Bank's new product in Madurai on Saturday. Photo: G.Moorthy
TMB 555: N. Chenbaharaman, Deputy Inspector General of Police, second from right, launching the Tamilnad Merchantile Bank's new product in Madurai on Saturday. Photo: G.Moorthy

Special Correspondent

And launch online trading services to provide value addition to its customers

MADURAI: The Tamilnad Mercantile Bank (TMB) will soon introduce Internet banking and online trading services as part of its initiatives to provide value addition to its customers. Also in the offing are rupee drawing arrangement and cheque truncation facilities.

Addressing reporters after the launch of a new deposit scheme, `TMB 555,' here on Saturday, its Managing Director, G. Narayana Moorthy, said the TMB was comparable with all private banks in all fundamentals. One of its major strengths was application of information technology in core banking and other services. The Reserve Bank of India (RBI) had recently cleared its tie-up with the United Arab Emirates Exchange Centre for rupee drawing arrangement, which would facilitate exchange of foreign currencies. The cheque truncation facility, which enables electronic clearance of cheques (in the place of physical clearance), was a pilot scheme to be introduced in the TMB's New Delhi branch.

Mr. Narayana Moorthy said that the bank had created its own software for core banking in 175 branches. In a tie-up with private financial institutions like HDFC and IDBI, it was possible to encash TMB cheques in their bank branches without any extra charge.

It had also entered into agreements with four leading mutual funds to sell their products.

Another unique service rendered by the bank, the Managing Director said, was sanction of advances on farmers' produce before they could be sold, under a tie-up with National Collateral Management System Limited.

The TMB was also planning to enter the bullion trade and introduce debit card, in association with other private banks. Soon, insurance-linked deposit schemes and mediclaim facility would be offered for the customers, he said.

The TMB, Mr. Narayana Moorthy said, would open nine more branches and upgrade three extension counters in the State by March and add 25 ATMs to the existing 46.

The bank's capital adequacy ratio stood at 18 per cent, against the RBI norm of nine per cent, which was indicative of its "strong fundamentals."

Attempts were being made to bring down the rate of non-performing assets to below one per cent, from the current 1.6 per cent.

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