Tamilnad Mercantile Bank partners with Rugr FinTech to accelerate UPI Collection through Hosted UPI Switch Tech Fini

Tamilnad Mercantile Bank (TMB), one of India's most trusted private sector banks, today announced its strategic engagement with Rugr FinTech Private Limited (Rugr) as a referral partner to source RBI-licensed Payment Aggregators (PAs) for UPI merchant collections.

This initiative leverages TMB's Hosted UPI Switch - TechFini, procured from Fin Meadows Technologies Pvt. Ltd., to deliver a secure, scalable, and compliant UPI acquiring infrastructure.

The partnership aims to strengthen TMB's digital payment ecosystem by enabling regulated Payment Aggregators and Gateways to route UPI transactions through TMB's platform, ensuring high success rates and compliance with regulatory guidelines.

Commenting on the partnership, Mr. Salee S. Nair, Managing Director & CEO, TMB, said:"This collaboration with Rugr FinTech marks another milestone in our digital journey. By combining TMB's trusted banking platform with Rugr's fintech expertise and TechFini's advanced UPI infrastructure, we aim to deliver seamless, secure, and scalable payment solutions to merchants and aggregators across India."

Mr. Arangasamy.K.V, Managing Director, Rugr FinTech, added: "We are delighted to partner with TMB to enable RBI-authorized Payment Aggregators with reliable UPI acquiring capabilities. Our focus is on driving transaction success rates and compliance while supporting India's digital payment growth story."

Shares of Tamilnad Mercantile Bank Limited was last trading in BSE at Rs. 506.15 as compared to the previous close of Rs. 509.30. The total number of shares traded during the day was 8861 in over 409 trades.

The stock hit an intraday high of Rs. 514.40 and intraday low of 499.05. The net turnover during the day was Rs. 4456539.00.

Source : Equity Bulls

Keywords

TamilnadMercantileBank INE668A01016 TMB PrivateBank Partnership Rugr FinTech UPICollection