~ The Chief Guest launched a unique TMB ‘Postal Stamp’ and specialised ‘Postal Card’ at a function in Thootukudi
~ FM also flagged off the ‘TMB Mobile DigiLobby’ vehicle, ‘Aarogya India’ Vaccination awareness campaign and TMB’s mobile vaccination drive
Chennai, NFAPost: One of India’s oldest and leading private sector bank, Tamilnad Mercantile Bank (TMB), commenced its Centenary celebrations at Thoothukudi, Tamil Nadu with the inauguration by Union Minister of Finance & Corporate Affairs Smt Nirmala Sitharaman in the presence of TMB MD & CEO Thiru K V Rama Moorthy, Board of Directors of TMB, Thiru G Natarajan, I.P.O.S, Post Master General, other government officials, dignitaries and customers of the bank.
Marking the significance of this day, Nirmala Sitharaman launched a unique TMB ‘Postal stamp’ and a specialised ‘Postal Card’. She flagged off the ‘TMB Mobile DigiLobby’ vehicle, which facilitates customers to withdraw and deposit cash and to print passbook at their doorsteps.
She also flagged off the ‘Mobile Vaccination Camp vehicle’ jointly conducted by TMB and Times Network, India’s Premium broadcast Network, to educate the citizens on the importance of vaccination, which prevent the spread of COVID -19. The FM then disbursed loans to Pharma & Healthcare and PM SVANidhi units.
Speaking at the event, Nirmala Sitharaman said TMB has completed 100 years of existence. and she congratulated all of you associated with this institution.
“This is not a small achievement, there are many companies and organisations who have lost their path even after years of existence. TMB has set an example for Tamil Nadu banking sector. Today, the sector is stable after Prompt Corrective Action steps that the Government has taken. Many banks in public sector have come back to normalcy now,” said Nirmala Sitharaman.
At the same time, Nirmala Sitharaman pointed out that TMB while facing similar problems, has performed well and sailed through the turbulent period. “Moreover, the bank has adapted digitisation and is moving in the correct path. The banking technology has reached great heights, even without opening branches in rural areas through digitisation you can offer banking services,” said Nirmala Sitharaman.
“Today, taking banking service to all citizens of India has been possible because of ‘Jan Dhan Yojana’. Government of India has brought Jan Dhan Yojana with zero balance, RuPay card and insurance for the people,” said Nirmala Sitharaman.
She also said Prime Minister Narendra Modi was clearly aware that it would be zero balance account but he wanted all citizens to be aware of banking processes and financially inclusive. “It would not have been possible if PM Jandhan yojna was not launched in giving the poorest of the poor the opportunity of financial inclusion,” she said.
“Even during covid, we had ‘Bank Mitra’ reaching every nook and corner of rural India, and disbursing Rs.500 for three months as relief, this was again possible only through Jan Dhan Yojna. TMB proudly says 74% of their activities is on priority sector lending. Once the priorities sector lending increases banking can penetrate in every rural area,” said the Union Minister. She also advised the Bank to embrace technology in future and digitise to the maximum.
Speaking at the event, TMB MD & CEO Thiru K V Rama Moorthy said TMB has always added value to all the stake holders for the last 99+ years. “The bank has stood the test of time and seen various historical events like Independence, Emergency, Liberalization of the economy and most recently the COVID-19 pandemic,” said K V Rama Moorthy.
To help borrowers to overcome the adverse impact of COVID-19, till date, the bank has covered 13753 beneficiaries to the exposure of Rs 1,567.62 crore. In the era of digital banking, we were the first Bank to introduce Robotics in currency chest to sort and bundling of currencies in order to provide quality service to the customers.
As a part of our Centenary celebrations, we are kick-starting multiple initiatives, starting with the issuance of a special postage stamp and postal cards. We are also launching the TMB Mobile DigiLobby and a Mobile vaccination drive to support our communities. The disbursement of loans to pharma & health care units will be at the heart of a year-long series of events and initiatives from us.”
The bank has now 509 full-fledged computerised and interconnected branches all over India that is spread across 16 States and four Union Territories. In South India, TMB is the first Bank to introduce Robotics in currency chest to sort and bundle currencies in their currency chest in order to provide quality service to the customers.
For FY21, the bank’s net profit stood at ₹603 crore as compared to ₹408 crore in FY20 showing a 48 per cents growth. Total advances stood at ₹31,541 crore in FY21 from ₹28,236 crore FY20. Total deposits stood at ₹40,970 crore against ₹36,825 crore last year. Its total business was at ₹72,511 crore, up 11 per cent from ₹65,061 crore in FY20.