Tag: tmb

Tamilnad Mercantile Bank launches initiatives to celebrate 100th anniversary, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Chennai, Sep 12 (PTI) Tamilnad Mercantile Bank on Sunday rolled out a host of initiatives to mark its centennial, including doorstep banking services for the convenience of customers besides an awareness campaign on Covid-19 vaccination. Earlier in the day, Finance Minister Nirmala Sitharaman kicked off the centenary celebrations of the bank in Tuticorin, by launching a postal stamp and a specialised ‘postal card’. The bank’s managing director and CEO, K V Rama Moorthy said the bank has stood the test of time and witnessed various historical events like the country’s independence, emergency situation and liberalization of the economy. “To help borrowers overcome the impact of Covid-19, the bank has covered 13,753 beneficiaries by disbursing Rs 1,567.62 crore. We were the first bank to introduce Robotics in currency chest to sort and bundle currencies in order to provide quality service to customers”, Moorthy said in a press release.

“As part of our Centenary celebrations, we are kick-starting multiple initiatives, starting with special postage stamp and postal cards. We are also launching the TMB Mobile DigiLobby and a Mobile Vaccination Drive to support our communities. “, he said.

The disbursement of loans to pharmaceuticals and health care facilities would be at the heart of year-long series of events and initiatives, he added.

Tamil Nadu based TMB has 509 branches across the country. In FY 2020-21, the bank’s net profit stood at Rs 603 crore as against Rs 408 crore in FY 2019-20.

Total advances were Rs 31,541 crore during the period as compared to Rs 28,236 crore recorded in same period last year, while total deposits grew to Rs 40,970 crore during the period under review from Rs 36,825 crore registered previous year. the release added. PTI VIJ ROH ROH



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

RBI imposes ₹1 cr penalty each on CUB and TMB

Banking & Finance

[ad_1]

Read More/Less


The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1 crore each on City Union Bank (CUB) and Tamilnad Mercantile Bank (TMB).

In the case of CUB, the RBI, in a statement, said the penalty has been imposed for contravention of/ non-compliance with certain provisions of the Reserve Bank of India (Lending to Micro, Small & Medium Enterprises Sector) Directions, 2017 and the circulars on Educational Loan Scheme and Credit Flow to Agriculture – Agricultural Loans – Waiver of Margin/ Security Requirements.

In the TMB case, RBI imposed the penalty for non-compliance with some directions regarding “Cyber Security Framework in Banks”, 2016.

In both the aforementioned cases, the central bank said: “The penalty has been imposed in exercise of powers vested in RBI under the provisions of …the Banking Regulation Act, 1949.

“This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.”

Meanwhile, RBI has imposed a Rs 90 lakh monetary penalty on Ahmedabad-based Nutan Nagarik Sahakari Bank.

The penalty has been imposed for non-compliance with directions contained in Master Directions on ‘Interest Rate on Deposits’, ‘Know Your Customer (KYC)’ and Circular on ‘Frauds Monitoring and Reporting Mechanism’, RBI said in a statement.

“This penalty has been imposed in exercise of powers vested in RBI under…the Banking Regulation Act, 1949.

“This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” RBI said.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Despite pandemic, TMB registers impressive performance in FY21

Banking & Finance

[ad_1]

Read More/Less


Tamilnad Mercantile Bank (TMB) has reported an impressive performance on many parameters in FY21 that include strong growth in net profit, good asset quality and higher business.

The Tuticorin-based bank’s net profit grew 48 per cent at ₹603 crore in 2020-21 as compared to ₹408 crore in 2019-20.

“While higher net interest income and other income, and lower provisions are major factors for profit growth, this performance is truly on account of the efforts of branches. Our strength lies in relationship banking and today if at all we are cut above the rest, it is because of field level staff and their connect with the customers,” said KV Rama Moorthy, Managing Director & CEO, TMB told Businessline.

Operating profit

The operating profit of the company grew 21 per cent at ₹1,202 crore in FY21 when compared with ₹995 crore in previous fiscal, on the back of 17 per cent growth in net interest income that stood at ₹1,538 crore as against ₹1,320 crore. The interest expenditure decreased to ₹2,072 crore from ₹2,147 crore.

TMB had a gross NPA of ₹1,085 crore as of March 31, 2021, up from ₹1,021 crore a year ago. Its gross NPA as a percentage of total advances reduced to 3.44 per cent in FY21 from 3.62 per cent in FY20. Net NPA was marginally up to 1.98 per cent from 1.80 per cent. NPA and restructured advances of the bank is only 3.93 per cent.

The bank has made additional Standard Asset Provision of ₹50 crore for the pandemic. Total advances grew 12 per cent to ₹31,541 crore from ₹28,236 crore. Total deposits stood at ₹40,970 crore from ₹36,825 crore. The company achieved its total business target of ₹72,500 crore at ₹72,511 crore, up 11 per cent from ₹65,061 crore in FY20.

Credit to MSME sector grew 18 per cent to ₹12,036 crore (₹10,170 crore in FY20).

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,