RBI authorizes Tamilnad Mercantile Bank Ltd as Agency Bank for Government Business

Tamilnad Mercantile Bank Limited (TMB), one of the premier scheduled commercial Banks, has realigned its vision of expanding network to enhance its business after the listing of the Bank's shares in the stock exchanges. Marching towards the vision, the bank has been authorized as an Agency Bank for undertaking Government Business, by RBI, now.

S.Krishnan, MD & CEO, Tamilnad Mercantile Bank Limited (TMB) said, "On getting listed in the Stock Exchanges, Tamilnad Mercantile Bank Ltd., is back to enrich our vision in expanding the network PAN India, with added features in the products and services. Adding to the momentum, the bank has been authorised by RBI for undertaking Government Business on behalf of RBI and thereby executed an agreement with RBI at Mumbai for having appointed Tamilnad Mercantile Bank Ltd. as an agency bank of RBI for undertaking Government Agency Business. It gives me immense pleasure in sharing this appointment by RBI to all our stakeholders."

Shares of Tamilnad Mercantile Bank Limited was last trading in BSE at Rs. 509.75 as compared to the previous close of Rs. 508.30. The total number of shares traded during the day was 3855 in over 350 trades.

The stock hit an intraday high of Rs. 511.30 and intraday low of 506.90. The net turnover during the day was Rs. 1964022.00.

Source : Equity Bulls

Keywords

TamilnadMercantileBank INE668A01016 TMB PrivateBank RBI GovernmentBusiness