Tamilnad Mercantile Bank (TMB) plans to open a branch for Non-Resident Indians (NRIs) this financial year.

Tamilnad Mercantile Bank (TMB) plans to open a branch for 

Non-Resident Indians (NRIs) this financial year.

H. S. Upendra Kamath, Managing Director and Chief 

Executive Officer, TMB, told presspersons here on Saturday

,

 “We plan to open one specialised branch for NRIs. We will 

finalise it in two or three weeks, if it will be in Kerala or Tamil Nadu.”

Total business

The bank is looking at total business of Rs.55,000 crore this 

financial year against Rs.45,200 crore last year. It has 439 

branches and plans to open about 50 more this year.

It had opened five e-lobbies last year and will add 20 more 

this year. The bank also opened four large corporate banking

 cells last year in Mumbai, Hyderabad, Chennai and 

Coimbatore.

“We are overseeing the performance of these. If the RBI 

grants approval, we will convert these into large corporate

 branches next financial year,” he said.

As part of the Digital India programme, the bank was 

working on IT products now and would launch five IT-based 

products by December this year.

Of the total loan book, 32 per cent was for small and

 medium-scale enterprises and 13.5 per cent was for the agri

 sector.

The bank was holding camps for lending for direct 

agricultural purposes such as crop loans, tractor and micro 

irrigation loans, he added.